Cinema City: new investment in Romania
- Cinema City International, NV (“Cinema City”) currently plans to open an 8-screen multiplex in the city of Bacau, Romania, in the 1st quarter of 2008. The Company signed a long-term lease for space in the new Arena City Center shopping mall in Bacau.
- This will be Cinema City’s 7th project in Romania – two multiplexes are scheduled to be opened by the end of 2007, and the other five are planned for 2008.
“Romania offers us excellent growth prospects,” said Moshe J. Greidinger, CEO of Cinema City, the largest multiplex operator in Central & Eastern Europe and Israel. “It is a large and untapped market that lacks modern cinema infrastructure. We currently have two multiplexes under construction, which we currently expect to open before the end of 2007. We plan to open another 5 projects in 2008. By the end of 2008, we expect to be present in Bucharest, with 3 cinemas, as well as in 4 of the other largest cities in Romania, including Bacau, Iasi, Timisoara and Cluj. This will make us the clear leader in this promising market.”
The multiplex in Bacau (population 200,000) will be located in the new Arena City Center shopping mall. The cinema will have 8 screens and 1380 seats. The opening of the multiplex is scheduled for the 1st quarter of 2008. The lease for the cinema space was signed by a Romanian subsidiary of Cinema City with SC Arena City Center SRz. The lease is a customary one for 10 years, with an options to renew for an additional 15 years.