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Cinema City makes third multiplex investment in Bulgaria

FNE Staff 2007-07-27

IT Sofia BV, a subsidiary of the Netherlands-based Cinema City International NV, has signed an agreement to purchase a 60,000-square-meter plot in Russe, Bulgaria, to build a trading center that will include the city’s first modern multiplex theatre.

IT Sofia BV will hold 45% of share capital and Ocif Eastern Europe Ltd. will also hold 45%, with the remaining 10% held by the original owner who has an option to sell the interest to the other partners in the future.

Purchase price for the land was €22.5 million. Cinema City also has real estate investments that will include multiplexes in Plovdiv and in the capital Sofia.

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