A new Cinema City multiplex to be run in Bucharest, Romania – execution of the lease agreement (12 December 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 TEXTILA DACIA S.R.L. , 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 Victoria City Center in Bucharest, Romania constructed by TEXTILA DACIA S.R.L. The area will be used by the Company to operate the multiplex cinema as specified below:
Leased area (ca. in sqm): 2 500
Number of screens: 8-10
Number of seats: approx 1,300
Expected opening date: 4 Q 2011 -1 Q 2012
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 Victoria City Center in Bucharest will be the 32nd Cinema City multiplex in Romania and the 6th one in Bucharest.