Reading Finances Pacific Theatres Acquisition with $55M GE Loan
- Feb 25, 2008
Reading International Inc. has borrowed $55 million from GE Commercial Finance to fund the previously announced acquisition of 15 cinemas from Pacific Theatres Exhibition Corp. The seller is contributing financing to the transaction. Located in California and Hawaii, the cinemas contain 181 screens and generate annual revenues of approximately $81 million. The purchase price for the theaters and related assets is $72 million. Los Angeles-based Reading International develops, owns and operates multiplex cinemas in the United States, Australia and New Zealand. When the transaction has been completed, the company’s cinema interests will increase from 286 screens in 44 cinema complexes to 467 screens in 59 cinema complexes. Reading also develops retail and commercial real estate in Australia, New Zealand and the United States, including entertainment-themed retail centers in Australia and New Zealand and live theater assets in Manhattan and Chicago in the United States. Based in Los Angeles, Pacific Theatres operates more than 350 screens in California and Hawaii, including ArcLight Cinemas Hollywood. The company also owns and manages drive-in theaters, a swap meet business, family fun centers and a bowling center.