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15

Feb

A new Cinema City multiplex to be run in Deva, 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 S.C. BELROM PATRU SRL , 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 EUROPEAN RETAIL PARK shopping center in Deva, Romania constructed by S.C. BELROM PATRU. 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.
Deva
ca 2 200-2 500
ca 8
approx 1,400
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 EUROPEAN RETAIL PARK will be the 22nd  Cinema City multiplex in Romania.