Global City Holdings
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07

Aug

Current report No. 16/2013. Execution of binding lease agreement with Inter Ikea Center Polska SA for a future multiplex in Lublin, Poland.

The Board of Managing Directors of Cinema City International N.V. (the "Company") informs that Cinema City Poland - CC sp. z o.o. S.K.A. (“Cinema City Poland”), a wholly-owned subsidiary of the Company incorporated and existing under the laws of Poland, received information on execution of the binding lease agreement with Inter Ikea Center Polska SA . (“IKEA”), company incorporated and existing under the laws of Poland.

 

In accordance with the above-mentioned agreement Cinema City Poland will lease approx. 2 500 sqm in the shopping center of IKEA in Lublin, constructed by Inter Ikea Center Polska SA. The future Cinema City multiplex will have 9 screens. The planned opening date of the shopping mall shall be announced by IKEA.

 

The lease agreement has been concluded for fifteen years with two options of extending the lease term, each time for another five years, and contain standard provisions, typical for agreements of such kind. The Company will be required to pay monthly rent on market standards consisting of 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.