Cinema City: another investment in Romania
- The Cinema City International N.V. group (“Cinema City”) has signed a lease agreement for area in a new shopping mall in Craiova, one of the largest cities in Romania. Opening of the 10-screen multiplex (1802 seats) is planned for the second quarter of 2009.
- This is Cinema City’s eighth project so far in Romania, and the fifth lease it has signed since the beginning of this year. The company’s first two multiplexes there will open in 2007.
The long-term lease agreement (10 years with an option to extend the lease up to 3 times for a further 5 years each) was signed by a Romanian subsidiary of Cinema City and the company S.C. Klyos Media SRL. The company’s new multiplex will be located in the new West Gate Center shopping mall in Craiova (one of Romania’s largest cities, with a population of about 300,000).
“In Romania in 2006, there were 0.13 cinema admissions per capita,” said Moshe J. Greidinger, CEO of Cinema City, the largest multiplex cinema operator in Central & Eastern Europe and in Israel. “By comparison, the figure in Poland was about 0.84 admissions per capita, and the average for the European Union is about 2.5. This demonstrates how much we can achieve in Romania by establishing a modern cinema infrastructure there, while also becoming the clear leader. During 2007 we intend to open two of our multiplexes in Romania which are currently under construction. Next year we plan to open five more cinemas. The cinema in Craiova is our eighth project, and we plan to open it in 2009,” added Greidinger.
In addition to Craiova, Cinema City multiplexes will be located in Bucharest and other large cities in Romania: Bacău, Iaşi, Timişoara and Cluj.