Global City Holdings
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09

Jul

Cinema City: new project in Budapest

A subsidiary of Cinema City International N.V. ('Cinema City') has signed a lease for space in the Skala shopping mall in Budapest. The opening of the multiplex, with 13 screens and almost 2,000 seats, is planned for the second quarter of 2009. It will be Cinema City's second movie theatre in Budapest and its 14th project in Hungary.

'Hungary was the first country where Cinema City began operations in Central & Eastern Europe 10 years ago,' said Moshe J. Greidinger, CEO of Cinema City, the largest multiplex operator in Central & Eastern Europe and in Israel.

'Today we operate 12 multiplexes in the largest cities in Hungary other than Budapest, and we are the second-largest operator,' the CEO added. 'The next step in our development on the Hungarian market is to open cinemas in the capital itself.'

Cinema City previously signed an agreement to open a 22-screen megaplex, together with an IMAX® cinema, in late 2007 in the Kerepsi shopping mall in Budapest. Kerepsi is to be one of the largest shopping malls in Central Europe.

The Cinema City multiplex at the Skala shopping mall will be the Company's second cinema in Budapest. 'Our two theatres will be located in different parts of the city,' said Moshe J. Greidinger. 'Our presence in Budapest will strengthen our position as a leading cinema operator in Hungary.'

The lease for area in the Skala shopping mall was signed between a Hungarian subsidiary of Cinema City and Buda Projekt Kft last week. The agreement is for 10 years, with an option to extend three times for an additional 5 years each time.