SkyCity purchases whangarei five-cinema multiplex
SKYCITY Leisure to purchase whangarei five-cinema multiplex
Cinema exhibition company SKYCITY Leisure Limited today announced that its wholly-owned subsidiary, SKYCITY Cinemas, has agreed to purchase the existing Whangarei 'Cinema City 5' multiplex for $2 million.
Currently owned by Cinema City Limited - comprising a group of local investors - the complex includes five cinemas and is the only multiple cinema complex in Whangarei, a city of more than 47,000 people.
According to SKYCITY Leisure director Michael Daniel, himself a Northland resident, the purchase of the cinema multiplex is a logical extension of the SKYCITY Leisure cinema business.
"This is already a well-performing business and one that presents opportunities for continued improvement. As the only multiplex north of Whangaparoa the Whangarei Cinema City 5 complex will further enhance SKYCITY Leisure's cinema interests in New Zealand," said Mr Daniel.
Cinema City 5 will be wholly owned by SKYCITY Cinemas. SKYCITY Cinemas also operates 84 cinema screens throughout New Zealand in joint venture partnerships with Village Roadshow, Hoyts Cinemas and Rialto Entertainment.
Settlement and possession are expected in early February.