Reading International Intends to Sell Burwood Property
Los Angeles, California, - (BUSINESS WIRE) – May 13, 2010 – Reading International, Inc. (NASDAQ: RDI) announced today that it has retained Macquarie Capital Advisors Limited as a financial advisor with respect to the sale of its Burwood Square property in Melbourne, Australia. That property will now be carried as an asset held for sale. The 50.6-acre Burwood property was acquired by Reading in 1996, has never been encumbered, and is currently carried on its books at $46,707,000.
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 cinema business under various different brands:
| · | in the United States, under the |
| o | Reading brand (http://www.readingcinemasus.com), |
| o | Angelika Film Center brand (http://www.angelikafilmcenter.com), |
| o | Consolidated Theatres brand (http://www.consolidatedtheatres.com), |
| o | City Cinemas brand (http://www.citycinemas.com), |
| o | Beekman Theatre brand (http://www.beekmantheatre.com), |
| o | The Paris Theatre brand (http://www.theparistheatre.com); and |
| o | Liberty Theatres brand (http://libertytheatresusa.com/); |
| · | in Australia, under the Reading brand (http://www.readingcinemas.com.au); and |
| · | in New Zealand, under the |
| o | Reading (http://www.readingcinemas.co.nz) and |
| o | Rialto (http://www.rialto.co.nz) brands. |
For more information, contact:
Andrzej Matyczynski, Chief Financial Officer
Reading International, Inc. (213) 235-2238