Cinema City and GTC signed preliminary binding lease agreements for cinema space in two planned shopping malls in Warsaw, Poland
Cinema City International and Globe Trade Centre have signed preliminary binding long-term lease agreements for space in two shopping malls to be developed by GTC in Warsaw, Poland. Cinema City will open 12 screens in Galeria Wilanów and 11 screens in Galeria Białołęka.
The cinemas will be equipped with the newest, most advanced projecting equipment that will place the two multiplexes at the top of the cinema halls in the region
“We are very happy to announce these two new locations which, in a way, represents clearly our strategy in the past and in the future” said Moshe (Mooky) Greidinger CEO of Cinema City International “I can only stress three points of our business strategy which are in line with the new deal:
1) Expanding infrastructure in “our” territories as a basic condition to continue growth of the cinema market,
2) Choosing leading locations, and building state of the art cinemas, providing the highest level of equipment and service to our customers,
3) Continuing ongoing relations with leading developers in the regions when we go into cooperation across our territories. GTC is one of the leading developers and a longtime partner of CCI in Poland, Romania and Bulgaria.”
The primary catchment area of Galeria Wilanów includes the most affluent housing districts of the southern Warsaw such as Wilanów, Sadyba, Ursynów, and a prestigious resort area in nearby Konstancin. With up to approx. 80,000 sqm of net rentable space, Galeria Wilanów will be the most modern shopping and entertainment centre in the capital city, with an innovative approach to its tenant mix and focused on leisure and a good environment for visitors.
Galeria Białołęka will be a very modern shopping mall located in the very dense and fastest growing catchment area of Tarchomin/Białołęka in the northern part of Warsaw. Thanks to excellent communication options, the catchment area of Galeria Białołęka will extend to the neighboring districts of Żoliborz, Bielany, Praga Północ and Targówek and will total nearly 520,000 inhabitants. Warsaw as the best retail destination for both tenants and customers, has not seen any opening of shopping mall equipped with cinema halls since 2005 and due to Warsaw zoning constraints. the development of new large scale projects is very limited.
“We are very proud to develop both shopping malls in this very prominent city. Both the authorities and GTC recognize the need for such developments and are joining forces to realize the project as efficiently as possible. We have excellent cooperation with the city authorities who are very professional and have the best interest of Warsaw inhabitants in mind. The agreements with Cinema City will further enhance our projects and will help create a unique destination for our customers, as a shopping destination and a leisure place where all generations will be able to enjoy. Both malls will have a focus on entertainment, and as such Cinema City will provide the best cinema experience.” - said Mr.Alain Ickovics, Chairman of the Supervisory Board of GTC S.A. ”
Greidinger summarized: “Polandwill continue to be our leading territory and we seeCinema CityPolandas a “key Driver” in our business and therefore will continue to invest in the polish market”.
CiINEMA CITY INTERNAIONAL (Cinema City) is the largest multiplex cinema operator in Central & Eastern Europe and in Israel. The Company operates 99 multiplexes with 966 screens, in 7 countries (Poland, the Czech Republic, Hungary, Romania, Bulgaria, Slovakia and Israel). There are 32 more multiplexes under development, which will offer over 340 new screens. In addition, Cinema City is actively involved in cinema related advertising and film distribution.
In 2012 Cinema City sold 36.3 million tickets in 7 countries, 2.5% more compared to 2011.
The Cinema City group employs over 4,000 people in 7 countries.
GLOBE TRADE CENTRE S.A. (GTC S.A.) is one of the leading developers in New Europe and was established in 1994 in Warsaw. It currently operates in Poland, Hungary, the Czech Republic, Romania, Serbia, Croatia, Slovakia, Bulgaria, Russia and Ukraine. GTC develops projects and manages completed properties in three key sectors of real estate: office buildings and parks, retail and entertainment centers and residential.
GTC has developed approximately 950,000 sqm of net commercial space and 300,000 sqm of residential space and is currently the owner of completed commercial property with a combined net area of about 613,000 sqm (in which GTC’s share amounts to 549,000 sqm). GTC also holds an impressive portfolio of investment at various stages of development which will facilitate the construction of 1.2 sq m of commercial space and 618,000 sq m of residential space. GTC’s total assets exceed EUR 2.2 billion.
For more information, please contact:
Director of Investor Relations,CinemaCityInternational
tel. (+48) 22 566 69 60 / mobile: (+48) 510 024 028
tel. (+48) 22 826 74 18 / mobile : (+48) 500 202 355
Director of Investor Relations, Globe Trade Centre S.A.
tel.: +48 22 606 07 10
Advanced Public Relations
tel.: +48 22 642 10 26/mobile: +48 (0) 604 758 879