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Cinema City To Open Second Multiplex Cinema In Poznań

CCI takes over a part of Kinepolis' assets

Cinema City To Open Second Multiplex Cinema In Poznań CCI takes over a part of Kinepolis' assets

The Cinema City International Group (“Cinema City”) will be the operator of a multiplex cinema previously run by the Kinepolis Group in Poznań. CCI will lease out 18 screens and will take over some of Kinepolis' assets related to its cinema operations. The multiplex will be the second Cinema City theatre in Poznań.

"The operation of the multiplex cinema in Poznań, formerly run by Kinepolis, provides us with an excellent opportunity to develop our network and business on the Polish market. The theatre is a very modern site and we will run 18 screens there. They will be leased under long-term contracts," says Moshe J. Greidinger, CEO of CCI. The theatre is one of the 3 top cinemas in Poland. Only in 2006 the theatre in Poznań sold over 1 mln tickets.

The transaction is expected to be closed within next two weeks. It is based on the conditional agreement (at this stage all conditions have already taken place), signed with Poznań-based company of Kinepolis Group on 22 August 2006.

The Poznań-based site is the only cinema operated by the Kinepolis Group (European cinema operator) in Poland. Under the concluded agreement, Cinema City will take over the organised part of Kinepolis' assets related directly to its cinema operations, including cinema equipment, the rights and obligations under the concluded contracts (including labour contracts), non-material assets, including market position and customer base.

Cinema City will be the operator of the multiplex cinema comprising 18 screens. The site will be leased under long-term contracts (concluded for a period of 10 years with a 5 year extension option). Kinepolis Group will remain the owner of the building and it will also manage the remaining two auditoriums in the site (the cinema comprises a total of 20 auditoriums) where various events and receptions will be held.

The Cinema City Kinepolis multiplex cinema will be the second theatre operated by CCI in Poznań and its 19th multiplex in Poland.