Cinema City signs the lease agreement for its 14th multiplex in Romania in the city of Oradea
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 Era Shopping Park in the city of Oradea, Romania. It will be the Company’s 14th project in the country. The opening of the 8-10 screen cinema, with about 1,500 seats, is planned for the 4th quarter of 2008.
“Oradea will be the 10th city in Romania where we will operate our multiplex. We are actively progressing with signing new agreements in this country which in few years time will be our second largest country of operation after Poland. Today we have close to 150 screens under construction in Romania”
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. The pipeline of our investments in this country allows us to say that Cinema City will be the leader on the Romanian multiplex 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 S.C. OMILOS ORADEA SRL. The Company’s multiplex will be located in a new shopping mall, Era Shopping Park, in the city of Oradea (second largest city in the region, with a population of 288,000).
Cinema City multiplexes in Romania will also be located in other major cities: Bucharest, Craiova, Bacău, Iaşi, Timişoara, Cluj, Baia Mare, Pitesti and Brăila. The first two cinemas (in Cluj and Iaşi) are planned to open in 2007.