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Austria-based Cineplexx International enters Romania through multiplex buy

Austria-based Cineplexx International enters Romania through multiplex buy Baneasa Shopping City, Romania

BUCHAREST (Romania), April 22 (SeeNews) - Austria-based cinema operator Cineplexx International said on Monday it has signed an agreement to buy the Grand Cinema & More multiplex near Bucharest from Baneasa Developments group.

The deal marks the group's entry in Romania, where it plans to open seven more own multiplex units, Cineplexx said in a press release.

After acquiring Baneasa's Grand Cinema & More, the group will open a cinema hall in a NEPI-owned shopping centre in Satu Mare, it added.

The deal with Baneasa Developments is expected to be completed in the coming months. It will not affect the smooth running of the current business which will continue to operate under the name Grand Cinema & More for a while. 

The financial details of the transaction remain confidential.

The deal will make Cineplexx Romania one of the biggest tenants of the Baneasa Shopping City mall. The 2,700-seat Grand Cinema & More was inaugurated in 2011 in Baneasa Shopping City mall near Bucharest and last year welcomed over 900,000 spectators.

Cineplexx Group currently has 47 multiplexes and 6 traditional cinemas in 11 countries, totaling over 300 halls. With nearly 1,500 employees, the Austrian company recorded a turnover of about 130 million euro ($146 million) in 2018.

($=0.8891 euro)