Reading International Announces Australian Property Sale
May 24 2013 - 1:46PM
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
- Reading
(http://www.readingcinemas.co.nz) and
- Rialto (http://www.rialto.co.nz)
brands.
Forward-Looking Statements
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.
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