A new Cinema City multiplex to be run in Ploesti, Romania – execution of the lease agreement
The Board of Managing Directors of Cinema City International N.V. (the "Company") informs that Cinema City Romania SRL, a wholly-owned subsidiary of the Company incorporated and existing under the laws of Romania, executed the lease terms with the company S.C.NEPI BUCHAREST THREE SRL, a company incorporated and existing under the laws of Romania.
In accordance with the above-mentioned lease agreement Cinema City Romania SRL will lease approx. 3 400 sqm in the shopping center in Ploiesti, Romania constructed by S.C.NEPI BUCHAREST THREE SRL. The future Cinema City multiplex will have 12 screens and it’s expected to open between the 4th quarter 2013 and the 1st quarter 2014.
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.