Reading International to Further Develop Newmarket Shopping Centre

Category:

8/30/16 9:00 am EDT

Dateline:

LOS ANGELES

Public Company Information:

NASDAQ:
RDI
US7554081015
"We have been focused on expanding our presence in Queensland, and this expansion in Newmarket is key to our strategy. With a cinema offering at Newmarket Village, Reading will strengthen its presence in Brisbane and be better positioned for future growth in the region."

LOS ANGELES--(BUSINESS WIRE)--Reading International, Inc. (NASDAQ: RDI) (“Reading”) today announced a plan to further develop the Company’s existing shopping center located in Newmarket, a suburb of Brisbane, Australia. On August 22, 2016, Reading’s Board of Directors approved $28.3 million (AUD$37.2 million) to support the project, which will include the construction of a state-of-the-art Reading Cinema, a new dining precinct featuring approximately 10,000 square feet of new food and beverage retail, additional car parking and improvements to amenities in the existing center.

Ellen Cotter, Chief Executive Officer, stated, “Since beginning operations in 2005, our Newmarket property has been a key asset in our Australian portfolio. With this additional investment, we have the opportunity to create a flagship cinema complemented by a modern mix of food and beverage concepts, which we believe will create a more dynamic development for the Newmarket community.”

The planned enhancements will build out the current shopping center, which is anchored by a Coles Supermarket, a pub operated by Australian Leisure and Hospitality Group and 35 other specialty tenants. The re-positioning of the property also includes a rebranding of the center to “Newmarket Village”.

Matthew Bourke, Managing Director - Real Estate Australia & New Zealand, said “With the re-imagined Newmarket Village, we anticipate engaging with the surrounding neighborhoods to create more of a ‘sense of place’ for our visitors. By enhancing the overall offerings at the center, our goal is that Newmarket Village will become the destination for premium dining and entertainment in the area.”

Wayne Smith, Managing Director - Australia & New Zealand, said, “We have been focused on expanding our presence in Queensland, and this expansion in Newmarket is key to our strategy. With a cinema offering at Newmarket Village, Reading will strengthen its presence in Brisbane and be better positioned for future growth in the region.”

Reading expects the project to be completed in time for the 2017 holiday season.

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 centers (“ETC”) in Australia and New Zealand and live theater assets in Manhattan and Chicago in the United States.

Reading manages its worldwide business under various brands:

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
Executive Vice President and Chief Financial Officer
or
Andrzej Matyczynski
Executive Vice President - Global Operations
213-235-2240

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