Cinema City has 12th multiplex site in Romania
The Cinema City International N.V. group (“Cinema City”) is continuing its expansion on the Romanian market. The company has concluded a lease of space for another multiplex in Romania, this time located in a shopping mall in the city of Piteşti. It will be the company’s 12th project in Romania. The multiplex is to open in June 2008.
“Romania offers the cinema sector promising opportunities for growth, which is why we want to develop quickly on that market,” said Moshe J. Greidinger, CEO of Cinema City, the leading multiplex cinema operator in Central & Eastern Europe and in Israel. “The lease just signed for the site of a multiplex in the city of Piteşti is the seventh lease concluded this year, and the 12th overall. Of course this does not exhaust our plans for Romania. We are striving to obtain additional sites.”
Piteşti, where Cinema City intends to open its 12th cinema, is a city of 168,000 located 60 km west of Bucharest.
The new multiplex will have six screens. The shopping mall where it is located was opened in May 2007. The cinema portion has not been finished, however, and the opening is planned for June 2008.
The lease for 2,150 m2 of space for the company’s multiplex was signed for 10 years, with the option to renew three times for a further 5 years each time. The lease was concluded between a Cinema City subsidiary and the company Flash Consult SRL.
“We place great hopes on Romania,” the CEO added. “It is Romania that will become our second largest market for operations, after Poland. Including the latest lease, we currently have 125 screens under signed agreements in Romania. This will assure us the position of the undisputed leader.” Cinema City currently operates 508 screens, over half of them in Poland.
Cinema City multiplexes will also be located in other major Romanian cities such as Bucharest, Craiova, Bacău, Iaşi, Timişoara, Cluj, Baia Mare, and Brăila.
Opening of the first two movie theatres in Romania (in Cluj and Iaşi) is planned for 2007. The two multiplexes will offer a total of 16 screens.