Macquarie Leisure Trust Group, the owner of Dreamworld theme park and WhiteWater World water park on Australia's Gold Coast, has unveiled plans to break way from parent company Macquarie Group.

The trust will pay AUD$17m to acquire shares and management rights, which means it would no longer have to pay an annual fee of AUD$3m, plus performance fees, to Macquarie group.

The group will then seek to raise AUD$41.7m through an underwritten placement to institutional investors to reduce debt and pursue its growth strategies as a standalone entity.

The company has also recently raised AUD$30m through a sale and leaseback deal on its AMF Bowling sites which will be used to reduce gearing.

Greg Shaw, CEO of Macquarie Leisure Trust, said: "Since its inception as a property trust with essentially passive investments in leisure assets, Macquarie Leisure Trust has evolved into a portfolio of operating businesses with acquisitions such as AMF Bowling Centres and Goodlife Health Clubs.

"The next phase will see management continue to focus on operational performance, while looking to take advantage of an industry which is experiencing some fragmentation as a result of the current economic environment and debt markets."

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