Reading International Ltd has contracted to buy 6 cinema businesses representing 27 screens, plus the underlying property interests of 3 of them.
The sites, known as the Movieland Circuit, are in Rotorua, Napier, Hastings, Kapiti Coast, Porirua & Invercargill. They’ll be rebranded under the reading name.
2 sites can be developed, enabling 4 new screens to be built soon.
Executive Director for Australia and New Zealand, Mr Wayne Smith said: “The sites represent an exciting opportunity and their acquisition is consistent with the company’s ambition to grow its portfolio of cinema-based assets. This clearly demonstrates Reading’s commitment as a leading alternative in the cinema exhibition industry with a clear focus upon the New Zealand market.”
After acquisition & construction, Reading will directly own 41 screens on 7 sites, 41 screens. Through the Berkeley Cinemas joint venture it will have an interest in 21 more screens at 4 sites. It also has an 8-screen complex due to open at the Botany town centre in December.Reading’s executive director for Australia & New Zealand, Wayne Smith, said the company also wanted to expand its Courtenay central complex in Wellington.