LOS ANGELES--(BUSINESS WIRE)--Reading International, Inc. (NASDAQCM: RDI) announced today that it has received a positive zoning change decision on its 64.0-acre Manukau site in Auckland, New Zealand.
In July 2016, the Independent Hearing Panel reviewing the proposed land use changes, under the Auckland Council’s Proposed Unitary Plan (“the Plan”), impacting our 64.0-acre property in Manukau, New Zealand, recommended to the Auckland Council that our property be included in the Rural Urban Boundary and be up zoned from its existing Agricultural use to Light Industrial uses. This tract which has significant light industrial use in its vicinity is adjacent to the Auckland airport which has recently been expanding towards our property. Light industrial uses include certain manufacturing, production, logistic, transportation, warehouse, and wholesale distribution activities and, on an ancillary basis, certain office, retail, and educational uses.
On Friday, August 19, 2016, the Council issued its final decision (subject to a 20-day appeal period) and made very few changes from the Recommendations version of the Plan. As a result, our 64.0-acre land tract in Manukau is now zoned Light Industrial and within the Rural Urban Boundary.
Commenting on the decision, Matthew Bourke, Reading’s Managing Director Real Estate, Australia and New Zealand, stated, “We are pleased with this excellent outcome for our business. We remain focused on moving forward with this property as one of our future value realization opportunities.”
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:
Reading manages its worldwide business under various 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.
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Among the factors that could cause actual results to differ materially from those expressed in or underlying our forward-looking statements are the following:
The above list is not necessarily exhaustive, as business is by definition unpredictable and risky, and subject to influence by numerous factors outside of our control, such as changes in government regulation or policy, competition, interest rates, supply, technological innovation, changes in consumer taste and fancy, weather, and the extent to which consumers in our markets have the economic wherewithal to spend money on beyond-the-home entertainment.
Given the variety and unpredictability of the factors that will ultimately influence our businesses and our results of operation, no guarantees can be given that any of our forward-looking statements will ultimately prove to be correct. Actual results will undoubtedly vary and there is no guarantee as to how our securities will perform, either when considered in isolation or when compared to other securities or investment opportunities.
Finally, we undertake no obligation to publicly update or to revise any of our forward-looking statements, whether as a result of new information, future events, or otherwise, except as may be required under applicable law. Accordingly, you should always note the date to which our forward-looking statements speak.
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