Reading International Announces Australian Property Sale
LOS ANGELES--(BUSINESS WIRE)-- Reading International, Inc. (Nasdaq: RDI ) announced today that we have listed for sale our approximately 3.3 acre development site in the Moonee Ponds area of Melbourne, Australia. Colliers International and CBRE have been retained to market the property, and anticipate that it will attract offers in the low to mid AU $20.0 million range. The property is currently carried on our books at AU $12.4 million.
The property spans 40 Hall Street, 62 Aspen Street and 34 Margaret Street in Moonee Ponds.
According to Colliers: “It is very rare for such a large infill mixed use site so close to the CBD – just 6.5km north – to arise, particularly one with such extensive possibilities to deliver a landmark building of exceptional scale and town-centre prominence in the very heart of a mature and iconic Melbourne suburb.”
According to CBRE: “On each of the site’s boundaries lie mature destinations, and the development has the opportunity to be both a connecting complex between these existing centres of activity, and a destination in its own right. This site is the hole in the doughnut. Large enough to offer the opportunity for a staged development of high quality but separate buildings, the site will also in due course be controlled by a Planning Scheme which encourages dense and high rise forms, for office or residential uses. These would naturally lie atop a complex of retail, entertainment and restaurant uses facing and connecting to the surrounding activities.”
About Reading International, Inc.
Reading International (http://www.readingrdi.com) is in the business of owning and operating cinemas and developing, owning and operating real estate assets. Our business consists primarily of:
- the development, ownership and operation of multiplex cinemas in the United States, Australia and New Zealand; and
- the development, ownership, and operation of retail and commercial real estate in Australia, New Zealand, and the United States, including entertainment-themed retail centers (“ETRC”) in Australia and New Zealand and live theater assets in Manhattan and Chicago in the United States.
Reading manages its worldwide cinema business under various different brands:
- in the United States, under the
- Reading brand (http://www.readingcinemasus.com),
- Angelika Film Center brand (http://www.angelikafilmcenter.com),
- Consolidated Theatres brand (http://www.consolidatedtheatres.com),
- City Cinemas brand (http://www.citycinemas.com),
- Beekman Theatre brand (http://www.beekmantheatre.com),
- The Paris Theatre brand (http://www.theparistheatre.com), and
- Liberty Theatres brand (http://libertytheatresusa.com/);
- in Australia, under the Reading brand (http://www.readingcinemas.com.au); and
- in New Zealand, under the
Our statements in this press release contain a variety of forward-looking statements as defined by the Securities Litigation Reform Act of 1995. Forward-looking statements reflect only our expectations regarding future events and operating performance and necessarily speak only as of the date the information was prepared. No guarantees can be given that our expectation will in fact be realized, in whole or in part. You can recognize these statements by our use of words such as, by way of example, “may,” “will,” “expect,” “believe,” and “anticipate” or other similar terminology.
These forward-looking statements reflect our expectation after having considered a variety of risks and uncertainties. However, they are necessarily the product of internal discussion and do not necessarily completely reflect the views of individual members of our Board of Directors or of our management team. Individual Board members and individual members of our management team may have different views as to the risks and uncertainties involved, and may have different views as to future events or our operating performance.
Reading International, Inc.
Andrzej Matyczynski, Chief Financial Officer
KEYWORDS: Australia United States North America Australia/Oceania California