Austria-based operator Cineplexx International has announced its entrance on the Romanian cinema market after having bought Grand Cinema & More multiplex within Băneasa Shopping City in Bucharest.
According to the company’s press release, the takeover will be effective in the upcoming months and will not affect the current activity of the multiplex. The sale’s value has not been disclosed.
Grand Cinema & More is one of the largest tenants of Băneasa Shopping City, part of the Băneasa Developments group. Grand Cinema & More, commissioned in 2011, reported over 900,000 spectators last year.
Besides Bucharest, Cineplexx also plans to open seven more units in Romania, the next opening being scheduled in Satu Mare, northwestern Romania, this autumn.
Cineplexx is a cinema company based in Austria, which was founded in 1993, which operates mainly multiplex type cinemas (47) and six traditional cinemas in 11 countries.
Operating mainly in Austria, where it has 27 cinemas, the company started regional expansion into Southeast Europe in late 2000s. They have 1,500 employees and reported a turnover of around EUR 130 million in 2018.