Cinema City signs lease agreement for the cinema in Sofia, Bulgaria. Cinema City to open in the largest shopping mall in Bulgaria
Today Cinema City International, N.V. (WSE:CCI) (“CCI”) announced that Cinema City Bulgaria EOOD has signed a lease agreement with Bulfeld EOOD for the multiplex in Sofia in the shopping mall Paradise Center. The cinema is expected to open in the 4th quarter 2012.
“Bulgaria is a country, where our operations have still a sound potential to grow. In Sofia we are present already five years with our big multiplex and an IMAX screen enjoying a keen interest from the audience. We look forward to open our second multiplex in the city and we will be happy to deliver our best cinema service to a wider audience in Sofia. ” said Moshe (Mooky) Greidinger, CEO of Cinema City, the largest multiplex cinema operator in Central & Eastern Europe and in Israel.
Cinema City Bulgaria has signed a lease agreement with Bulfeld EOOD to lease space for the multiplex in the biggest shopping mall in Bulgaria, Paradise Center, planned to open in the 4th quarter 2012. The Company is currently operating 4 multiplexes in the country with a total of 41 screens: in Sofia, Plovdiv, Russe and Stara Zagora. The cinemas in Russe and Stara Zagora were opened during 2010. In 2011 The company plans to open shopping centers in Varna and Burgas. In the Mall Of Sofia in Sofia Cinema City is running the only IMAX theatre in the country.
In 2010 cinema related operations in Bulgaria brought over EUR 8 million revenues in Cinema City. The company sold there over 1.3 million tickets. In Bulgaria Cinema City is also running the film distribution business through Forum Film Bulgaria being exclusive representative of the Walt Disney Studio, Paramount and Universal studios in the country. The Company is also offering cinema advertising to a wide group of clients via its subsidiary New Age Media.
Cinema City International NV is listed on the Warsaw Stock Exchange.