A new Cinema City multiplex to be run in Cluj, Romania – execution of the lease agreement (28 November 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 S.C. Cluj Atrium Center SA , 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 Atrium in Cluj, Romania constructed by S.C. Cluj Atrium Center SA. Cluj is a city of 320 000 inhabitants. The area will be used by the Company to operate the multiplex cinema as specified below:
Leased area (ca. in sqm): 2 600
Number of screens: 10
Number of seats: approx 1,400
Expected opening date: 4 Q 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 Atrium shopping center in Cluj will be the 31st Cinema City multiplex in Romania and the second one in the city of Cluj.