Cinema City will develop its fourth shopping mall in Bulgaria
Cinema City, together with Ocif Eastern Europe Ltd will develop a 50 000 sqm modern shopping center with multiplex in the city of Stara Zagora in Bulgaria (160 thousand inhabitants). This is the fourth real estate project of Cinema City in this country. The shopping center will be constructed on the plot of 9 200 sqm. The price to be paid by Cinema City for its holding is EUR 2.7 million.
Our expansion strategy in Bulgaria includes development of malls, in which Cinema City will hold long term lease for multiplexes. This is going to be our fourth such project in Bulgaria, following the successful completion of Mall of Sofia, and the two malls currently under development in Plovdiv and in Ruse - said Moshe J. Greidinger, CEO of Cinema City, the largest multiplex cinema operator in Central & Eastern Europe and in Israel.
The Company, through its Dutch subsidiary IT Sofia BV, purchased 27,5% in the company Grand Galleria OOD, the owner of the plot in Stara Zagora. Another 27,5% is owned by Ocif Eastern Europe Ltd and 45% by the original owners of the plot. The closing of the transaction is subject to the successful fulfillment of certain condition precedents.