Cinema City: 10th project in Romania
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 European Retail Park in the city of Brăila, Romania. It will be the Company’s 10th project in the country. The opening of the 10-screen cinema, with about 2,000 seats, is planned for the 1st quarter of 2008.
“Brăila is the seventh city in Romania where Cinema City will open a multiplex,” said Moshe J. Greidinger, CEO of Cinema City, the largest multiplex cinema operator in Central & Eastern Europe and in Israel. “This lease is the seventh that has been signed since January, and the 10th overall. We believe that sometime later this year we will be prepared to sign further lease agreements in Romania. This is a very promising market for us. So far the market lacks modern cinema infrastructure. We want 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 Belon SASE. The Company’s multiplex will be located in a new shopping mall, European Retail Park, in the city of Brăila (one of the largest cities in Romania, with a population of over 200,000).
Cinema City multiplexes in Romania will also be located in other major cities: Bucharest, Craiova, Bacău, Iaşi, Timişoara and Cluj. The first two cinemas (in Cluj and Iaşi) are planned to open in 2007.