Cinema City signs the lease agreement for its 11th multiplex in Romania in the city of Baia Mare
The Cinema City International N.V. group (“Cinema City”) is continuing its expansion on the Romanian market. Today, it has signed a lease for space in the new shopping mall Gold Plaza in the city of Baia Mare, Romania. It will be the Company’s 11th project in the country. The opening of the 8-screen cinema, with about 1,800 seats, is planned for the 4th quarter of 2008.
“The number of contacts we’ve already signed for our future multiplexes in Romania exceeds our previous expectations. Today we have 119 screens under construction in 8 cities in the country” said Moshe J. Greidinger, CEO of Cinema City, the largest multiplex cinema operator in Central & Eastern Europe and in Israel. “ Romania with its 0,13 admissions per capita ratio will be one of the most dynamic countries in Europe for the cinema industry in the coming years. We believe that later this quarter we will be announcing further lease agreements in Romania. We are doing our best to create the infrastructure and become the leader on this market,” the CEO added.
The long-term lease agreement (10 years with the option to renew three times for 5 years each time) was signed by a Romanian subsidiary of Cinema City and the company Retail Development Invest 1 S.R.L. The Company’s multiplex will be located in a new shopping mall, Gold Plaza, in the city of Baia Mare (one of the largest cities in Romania, with a population of 150,000).
Cinema City multiplexes in Romania will also be located in other major cities: Bucharest, Craiova, Bacău, Iaşi, Timişoara, Cluj and Brăila. The first two cinemas (in Timisoara and Iaşi) are planned to open in 2007.