Reading International Announces Closing of Its AUS$65.0 Million Burwood Property Sale

Category:

5/29/14 9:00 am EDT

Dateline:

LOS ANGELES

Public Company Information:

NASDAQ:
RDI
US7554081015

LOS ANGELES--(BUSINESS WIRE)--Reading International, Inc. (NASDAQ:RDI) announced the closing of its AUS$65 million (US$59.1 million) Burwood, Victoria, Australia property sale, to an affiliate of Australand Holdings Limited.

The closing took place in Melbourne, Australia on Friday, May 23, and we received the agreed upon closing amount of AUS$13.1 million (US$11.8 million), which included the 10% deposit of AUS$6.5 million (US$5.9 million); the GST on the sale, of AUS$6.5 million (US$5.9 million); and the balance being closing adjustments.

As of May 23, 2014 title and ownership of the property has passed to the purchasing affiliate of Australand Holdings. Reading retains only a first right to provide a cinema on the site if such a cinema is to be included in any future development.

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 business under various different brands:

Contact:

Reading International, Inc.
Andrzej Matyczynski, Chief Financial Officer
213-235-2240

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