Village Roadshow
(ASX:VRL) is proposing to sell and lease back of its iconic freehold land on the Gold Coast.
The site is expected to sell for $100 million through Colliers International, while the rent will generate $6.2 million per year from 1 January 2018.
The sites include the land on which Warner Bros. Movie World, Wet’n’Wild Coast, Paradise Country, Australian Outback Spectacular and Village Roadshow Studios are based on, in addition to some other sites.
As for the lease back, the initial 30-year lease, has the option to extend to a total of 90 years.
The company says the proceeds will be used to reduce its debt levels and will allow the firm to progress its growth strategies.
Shares in Village Roadshow
(ASX:VRL) closed flat at $3.70.
