Global City Holdings
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11

Jul

Current report No. 13/2011 of 11 July 2011: A new Cinema City multiplex to be run in Sofia, Bulgaria – execution of the lease agreement

The Board of Managing Directors of Cinema City International N.V. (the "Company") informs that Cinema City Bulgaria EOOD, a wholly-owned subsidiary of the Company incorporated and existing under the laws of Bulgaria, executed the lease terms with the company Bulfeld EOOD, a company incorporated and existing under the laws of Bulgaria. 

In accordance with the above-mentioned lease agreement Cinema City Bulgaria EOOD will lease area in the shopping center Paradise Center in Sofia, Bulgaria constructed by Bulfeld EOOD. Cinema City in Paradise Center will be the second multiplex of the Company in Sofia. The final number of screens and the size of the multiplex will be decided at later stage. The cinema is expected to open in the 4th quarter 2012.


The lease agreement has been concluded for ten years with three options of extending a lease term, each time for another five years, and contains standard provisions, typical for agreements of such kind. The Company will be required to pay a monthly rent on a market standards consisting of a fixed rent calculated on the basis of the leased area and the management fee for the benefit of the management company of each shopping mall.

 

 

Legal grounds: Article 5:53 and subsequent of the Dutch Act of 28 September 2006 on rules regarding the financial markets and their supervision (Act on Financial Supervision – Wft.) in conjunction with Article 56.1.1 and article 56.6 of the Polish Act on Public Offerings, Conditions governing the Introduction of Financial Instruments to Organized Trading and on Public Companies of 29 July 2005.


Signatures of persons authorised to represent the Company
Mr. Nissim Nisan Cohen – proxy