Village Roadshow has sold its sold 13-screen cinema site in Switzerland to Pathe, and its 45 Hungarian screens at six sites to Intercom, its joint
venture partner in the region.
The company has also offloaded its remaining 50% property interest in Village Entertainment Park to the Pradera European Retail Fund, and will now only lease and manage the Athens cinema.
"Gross sale proceeds of $46.4m (A$94m) were realised and net proceeds of $22.2m (A$45m) were received after the repayment of $24.2m (A$49m) in debt," said Village Roadshow in a statement. "Consideration for the sale of both the Switzerland and Hungary cinema circuits was close to book value and the Greek property realised a respectable capital profit."
Village last year sold its stake in a partnership with Golden Harvest, through which it operated several exhibition circuits across Asia, and sold seven of its eight German multiplexes to local major Kinowelt.
Australia's biggest film company, Village Roadshow is suffering turbulent financial times and about nine months ago embarked on a restructuring of its exhibition division, which recorded a loss of $5.8m (A$11.8m) in the six months to December 31. Village also has interests in film distribution, production, radio and theme parks.