Global City Holdings
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10

Feb

A new Cinema City multiplex to be run in Suceava, Romania – execution of the lease agreement

 

The Board of Managing Directors of Cinema City International N.V. (the "Company") informs that Cinema City Romania SRL, a wholly-owned subsidiary of the Company incorporated and existing under the laws of Romania, executed the lease agreement with IULIUS MALL, a company incorporated and existing under the laws of Romania.

In accordance with the above-mentioned lease agreement Cinema City Romania SRL will lease area in the IULIUS MALL shopping center in Suceava, Romania constructed by IULIUS MALL. The area will be used by the Company to operate the multiplex cinema as specified below:

 

No.
City
Leased area
(ca. in sqm)
Number of screens
Number of seats
Expected opening date
1.
Suceava
ca 2 500
11
approx 1,500
1st quarter 2009

The lease agreement has been concluded for ten years with three options of extending a lease term, each time for another five years, and contains standard provisions, typical for agreements of such kind. The Company will be required to pay a monthly rent on a market standards consisting of a fixed rent calculated on the basis of the leased area and the management fee for the benefit of the management company of each shopping mall.

 

The multiplex in the IULIUS MALL will be the 21st  Cinema City multiplex in Romania.