Global City Holdings
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21

Oct

Current report No. 19/2013. Execution of lease agreement with Galeria Neptun Sp z o.o. for the future multiplex in Starogard Gdański, 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, executed a lease agreement with Galeria Neptun Sp z o.o., company incorporated and existing under the laws of Poland to lease space for its cinema multiplex in the shopping center Galeria Neptun to be developed in Starogard Gdański, Poland.

 

In accordance with the agreement Cinema City Poland will lease between 1600 – 1800 sqm to operate a cinema with 6 screens and approx. 1 000 seats. Opening of the shopping mall is planned towards the end of 2014.

 

The lease agreements have been concluded for ten years with three 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.