Cinema City signs the lease agreement for its 15th multiplex in Romania in the city of Ploiesti
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 shopping mall Perla Ploiesti in the city of Ploiesti, Romania. It will be the Company’s 15th project in the country. The opening of the 10 screen cinema, with 1,759 seats, is planned for the 4th quarter of 2008.
The lease agreement for our multiplex in Ploiesti is the second contract that we announce this week in Romania. We have already four multiplexes under construction in Bucharest but we are also expanding in secondary cities in the country” said Moshe J. Greidinger, CEO of Cinema City, the largest multiplex cinema operator in Central & Eastern Europe and in Israel. “Today we have 160 screens under construction in Romania and we are working on next locations for our multiplexes,” 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 W-GO 2006 S.R.L. The Company’s multiplex will be located in a shopping mall, Perla Ploiesti, in the city of Ploiesti (with a population of 233,000).
Cinema City multiplexes in Romania will also be located in other major cities: Bucharest, Craiova, Bacău, Iaşi, Timişoara, Cluj, Baia Mare, Pitesti, Oradea and Brăila. The first two cinemas (in Cluj and Iaşi) are planned to open in 2007.