Reading International Sells Wellington Assets
Deal News | Jan 14, 2025 | Globenewswire
Reading International, a diversified cinema and real estate company, has entered into an unconditional Sale and Purchase Agreement to sell its properties in Wellington, New Zealand to Prime Property Group for NZ$38 million. This transaction includes a seismic upgrade of the Courtenay Central building, followed by a long-term cinema lease back to Reading Cinemas Courtenay Central Limited. The sale is expected to conclude in the first quarter of 2025. Reading plans to renovate and reopen its cinema in the Courtenay Central building, which had been closed due to seismic concerns since early 2019. Reading continues to operate cinemas under various brands and manage real estate assets in the U.S., Australia, and New Zealand.
Sectors
- Real Estate
- Entertainment
- Construction
Geography
- New Zealand – The transaction involves the sale of property assets in Wellington, New Zealand.
- United States – Reading International is headquartered in New York and operates cinemas in the U.S.
- Australia – Reading International owns and manages properties and cinemas in Australia, indicating its operational geography.
Industry
- Real Estate – The sale of property assets in Wellington is a real estate transaction, involving the ownership and management of properties.
- Entertainment – Reading International operates cinemas and is involved in entertainment through its cinema and live theatre venues.
- Construction – Involves the seismic upgrade of the Courtenay Central building, which falls under construction activities.
Financials
- NZ$38 million – The agreed purchase price for the Wellington property assets being sold by Reading International.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Reading International, Inc. | Vendor | Company | An internationally diversified cinema and real estate company selling its Wellington properties. |
| Prime Property Group | Buyer | Company | The company acquiring Reading's property assets in Wellington, New Zealand. |
| Reading Cinemas Courtenay Central Limited | Lessee | Company | Reading's subsidiary that will rent the cinema space post-upgrade. |