A new Cinema City multiplex to be run in Wałbrzych, Poland – execution of the lease agreement (26 September 2008)
The Board of Managing Directors of Cinema City International N.V. (the "Company") informs that Cinema City Poland Sp z o.o., a wholly-owned subsidiary of the Company incorporated and existing under the laws of Poland, executed the lease agreement with the company Guava Sp z o.o., a company incorporated and existing under the laws of Poland.
In accordance with the above-mentioned lease agreement Cinema City Poland Sp z o.o. will lease area in the shopping center Galeria Victoria in Wałbrzych, Poland constructed by Guava Sp z o.o. Wałbrzych is a city of 120 000 inhabitants. The area will be used by the Company to operate the multiplex cinema as specified below:
Leased area 2 300
(ca. in sqm)
Number of screens 6
Number of seats approx 1,300
Expected opening date 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 Galeria Victoria shopping center in Wałbrzych will be the 33rd Cinema City multiplex in Poland.