Entertainment Properties completes US$124M theater deal, sells winery in Napa, California, for US$6.5M

Mathew Kearney

KANSAS CITY, Missouri , June 14, 2010 (Associated Press) –
Entertainment Properties Trust announced several key business deals Monday including the completion of a theater acquisition, a theater contract extension and the potential sale of its winery.

The real estate investment trust said it has completed the $124 million acquisition of the real estate and improvements associated with 12 theaters in Colorado, California, Indiana and Texas. The properties are leased to Cinemark USA.

Entertainment Properties also said it that AMC Entertainment Inc. intends to extend its contract with the real estate investment trust on three theaters in California. The value of the contract was not disclosed.

And the company also said it plans to sell the former Havens Winery property in Napa, Calif., for $6.5 million by the end of the second quarter. Further details on the deal were not disclosed.

Shares of Entertainment Properties rose 36 cents to $41.67 in early afternoon trading.

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