Cinema City signs the lease agreement for its 16th multiplex in Romania in the city of Targu Mures
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 EUROPEAN RETAIL PARK in the city of Targu Mures, Romania. It will be the Company’s 16th project in the country. The opening of the 8-10 screen cinema, with approximately 1,500 seats, is planned for the 1th quarter of 2008.
“Good relationships with developers investing in Romania are a strong driver for our expansion in this country. Our partner in this project is the developer company Belrom, with who we have already partnered in the project of Braila.” said Moshe J. Greidinger, CEO of Cinema City, the largest multiplex cinema operator in Central & Eastern Europe and in Israel. “Today we have close to 170 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 S.C. BELROM UNU S.R.L. The Company’s multiplex will be located in a shopping mall, EUROPEAN RETAIL PARK, in the city of Targu Mures (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, Baia Mare, Pitesti, Oradea, Ploiesti and Brăila. The first two cinemas (in Cluj and Iaşi) are planned to open in 2007.