cannon park

Reading International, Inc. announced that it has acquired two adjoining entertainment-themed retail centers in Townsville, Queensland, Australia for a total of $23.0 million USD ($33.0 million AUD). The total gross leasable area of the two adjoining properties, the Cannon Park City Centre and the Cannon Park Discount Centre, is 133,000 square feet (12,343 square meters).

The Cannon Park City Centre is anchored by Reading International’s affiliate, Reading Cinemas, and has three mini-major tenants and ten specialty family oriented restaurant tenants. The Cannon Park Discount Centre is anchored by Kingpin Bowling and supported by four other retailers. The properties are located approximately 0.6 miles from downtown Townsville, the second largest city in Queensland, Australia.

“Cannon Park is complementary to our Australian real estate portfolio and a testament to the synergies between our entertainment and real estate businesses,” said Matthew Bourke, Director of Real Estate. “We continue to execute on our strategy of enhancing Reading’s portfolio of real estate assets with this acquisition. Townsville is a strong and growing market, with a diverse economy and attractive demand drivers. We believe the Cannon Park properties are well-positioned to create value for Reading shareholders by leveraging the growth dynamics in their markets and our operational expertise.”

Additionally, the Company also announced that it has amended its Reading Entertainment Australia Term Loan and Corporate Credit Facility into a corresponding $48.1 million USD ($66.5 million AUD) Revolving Corporate Markets Loan facility maturing on June 30, 2019. The amended terms of the facility has enhanced pricing with the potential to translate into $200,000 to $600,000 USD of annual savings, depending on the level of borrowings.

Source: Reading International

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