Global City Holdings
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Jul

A new Cinema City multiplex to be run in Galati, Romania – execution of the lease agreement (4 July 2008)

 

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 the company Union Investitii 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 shopping center in Galati, Romania constructed by Union Investitii SRL. 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.    
Galati
2 250
7
approx 1,200
1 Q 2010

 
 
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 shopping center in Galati will be the 27th Cinema City multiplex in Romania and it is the second cinema project in the city of Galati.