New Colours Cinema to be opened in Romania’s Promenada Mall Focsani this year

A new Colours Cinema will be opened in Promenada Mall Focsani, the largest shopping center in the city. Focsani is located in Eastern Romania, in Vrancea county, and has a population of some 73,000, according to the latest data. The city doesn’t currently have a modern cinema. The new cinema will have two movie projection rooms and will be opened at the end of this year. The shopping center’s leisure area will also include a food court, a children’s playground and a room with electronic games. Promenada Mall Focsani was completed in 2008 and has a leasable surface of 45,000 sqm and 1,200 parking places. It has a 94% occupancy rate, some of its tenants being Carrefour, Bricostore, C&A, New Yorker, Deichmann, Orsay, Intersport, Altex, Marionnaud, Steilmann, Domo, Kendra, B&B. The shopping center was developed by Belgian real estate group Bel Rom. The firm which owns the shopping center, Bel Rom Sapte, went into insolvency in June 2013. Last year, Bel Rom Sapte had a turnover of EUR 4.8 million and total debt of EUR 40 million, according to data from the Finance Ministry. Promenada Mall Focsani is currently managed by Resolute Lar Romania, an independent specialist manager of financial institutions' real estate and real estate debt exposures. The Colours Cinema network is currently present in Craiova and Alba Iulia and plans further expansion in 2015. The company wants to multiplex cinemas in seven new cities in Romania, targeting medium cities, with over 50,000 people. Cinema Colours is part of the VH Electronic – Pro Solutions group, which is controlled by Romanian entrepreneurs Alexandru Melinte and Adrian Cojocaru. Irina Popescu, irina.popescu@romania-insider.com