Reading International Announces Development Plans for Countdown Supermarket in Wellington, New Zealand

Category:

3/1/16 6:00 am EST

Dateline:

LOS ANGELES

Public Company Information:

NASDAQ:
RDI
US7554081015
"Reading’s commitment to New Zealand and Wellington, in particular, remains strong, and we continue to seek further growth opportunities in this region."

LOS ANGELES--(BUSINESS WIRE)--Reading New Zealand Inc., a subsidiary of Reading International, Inc. (NASDAQ: RDI), announced today that it has appointed Naylor Love as the head contractor with respect to the construction of the new supermarket to be operated by Countdown, part of the Progressive Enterprises Group, at Reading’s Courtenay Central Entertainment-Themed Retail Center in Wellington, New Zealand.

The 37,000 sq. ft. (3,400 sqm) supermarket will be located on Wakefield Street, will be an integral part of Courtenay Central, and is expected to commence operations in late 2017.

Part of a USD $20 million (NZD $30 million) center-wide redevelopment, the supermarket will be elevated with convenient parking underneath, will interconnect with a regenerated and exciting retail center, and have access to the adjacent 9 level Tory Street car park, which is undergoing a seismic upgrade.

The supermarket will complete and reposition the broader Courtenay Central entertainment precinct, while activating the vacant land to the rear of the center. Leasing activity has already commenced to reconfigure and improve the retail offering, with plans to also refurbish the adjacent cinema complex above. Site preparation work is expected to commence by mid-2016.

Ellen Cotter, Chair and Chief Executive Officer of Reading International, said: “We are thrilled to continue upgrading Courtenay Central, a key asset in our portfolio, and are honored to partner with Countdown, New Zealand’s leading supermarket brand.”

Countdown’s General Manager of Property, Adrian Walker noted, “We’re really excited to be establishing a new store in this busy and bustling part of Wellington City. The store will be a great new offer to our customers in the area, giving them access to a large full service supermarket that will complement our soon to be opened Cable Car Lane store.”

The entertainment-themed retail center originally opened in March 2002 and is anchored by a ten-screen Reading Cinema, also operated by Reading International. All necessary town planning approvals have been obtained, and work commenced on the Tory Street car park in mid-January this year.

Matthew Bourke, Reading’s Director of Real Estate, Australia and New Zealand, stated that, “Reading’s commitment to New Zealand and Wellington, in particular, remains strong, and we continue to seek further growth opportunities in this region.”

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 in Australia and New Zealand and live theater assets in Manhattan and Chicago in the United States.

Forward-Looking Statements – Reading International, Inc.
This press release contains certain statements that are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such statements are qualified by the inherent risks and uncertainties surrounding future expectations generally and also may materially differ from actual future experience involving any one or more of such statements. The inclusion of a forward-looking statement in this press release should not be regarded as a representation by Reading International that its objectives will be achieved. Reading International undertakes no obligation to publicly update forward-looking statements, whether as a result of new information, future events, or otherwise.

Contact:

Reading International, Inc.
Dev Ghose, Chief Financial Officer
+1 (213) 235-2240
or
Matthew Bourke, Director of Real Estate, Australia and New Zealand
+61 (3) 9685 0912

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