GTC and CCI to Expand Their Cooperation in Central Europe – 7 New Deals Signed
Global Trade Centers S.A. (“GTC”) (WSE: GTC) and Cinema City International, N.V. (WSE: CCIN) announced today an agreement for CCI to open multiplexes in each of GTC’s seven shopping malls to be developed across three countries,Poland,Rumania and Bulgaria. These new multiplexes, taken together with the 3 multiplexes Cinema City has already developed within GTC projects, will bring the total number of projects between GTC and Cinema City to 10.
Under the agreement, Cinema City will lease space from GTC to build and operate one multiplex in Czestochowa, Poland, 3 multiplexes in Bulgaria (in Varna, Borgas and Stara Zagora) and 3 multiplexes in Romania (in Arad, Bistritza and Galati). In total, under the agreement with GTC, Cinema City plans to build 65 new screens in the three countries.
Cinema City has already partnered with GTC having opened 2 multiplexes in GTC sites in Poland, one at Galleria Mokotow in Warsaw ,and one in Galleria Kazimierz in Krakow. In addition , the company already signed an agreement to develop one more multiplex in Rumania , Bucharest.
All 7 new projects are planned to be opened within the next 18 to 36 months, with the first two likely being Varna in Bulgaria and Arad in Romania.
Eli Alroy, Chairman of GTC commented, "We see cinema city as one of our key anchor tenant in our shopping malls and definitely look forward to expand our successful operation with them”.
Moshe (Mooky) Greidinger, Cinema City’s CEO, commented, "We are very pleased to expand our relationship with GTC. GTC is clearly one of the premier real estate developers in the region, and I strongly believe that our relationship with GTC is a key asset for us . I am confident these new GTC projects will be as successful as their existing once, and I’m very satisfied with the growing co-operation between our companies. Bulgaria and Romania are main territorial expansion targets for Cinema City, and these new projects will definitely contribute to this expansion."