(1888PressRelease)
July 14, 2009 - New Delhi - Cinépolis India, India’s first international film exhibitor, today announced its first strategic tie-up in northern India with Advance India Projects Limited (AIPL) in their mall project in Amritsar. AIPL is one of India's premier real estate developers with a multi-dimensional portfolio ranging from commercial to retail and residential segments.
Cinepolis aims to consolidate and strengthen its association with movie aficionados by dotting several landscapes in North India, with AIPL’s ‘Celebration Mall’ being the first. The modern and stylistic mall epitomizes the perfect blend between functionality, style and substance and will be the first city center mall in the city of Amritsar.
“We are extremely pleased to kick start our first strategic partnership in the North with a prominent and quality mall developer like AIPL.” said Milan Saini, Country Head Cinepolis India. “With this synergistic alliance, we will introduce a novel and compelling movie going experience for the Amritsar market.”
“Cinépolis has been a great addition to our mall,” said Mr. Sanjay Sachdeva, President, Corporate Strategy & Business Development, AIPL. “We are excited about our partnership with a world class operator who will help differentiate our mall through their proven expertise in cinema exhibition. ”
Jones Lang LaSalle Meghraj (JLLM), a leading professional services firm specializing in real estate will support Cinépolis in managing the fit-outs of the Amritsar project. In addition, JLL Meghraj is also helping Cinépolis to connect with quality shopping mall developers throughout the country.
Speaking on the partnership, Anuj Puri, Chairman and Country Head, JLL Meghraj said, “Jones Lang LaSalle Meghraj is proud to partner Cinépolis by helping align the brand with quality and visionary developers across India”.
“With a pragmatic business plan, an innovative and refreshing new format and a long term commitment to India, Cinépolis is in a great position to achieve its bold and dynamic500 screen roll out target by 2016”, he further added.
Till date, Cinépolis has secured a pipeline of 110 screens across 8 cities. Operations are expected to commence by second half of 2009.
About Cinépolis
Cinépolis is the world’s 5th largest movie theater circuit, operating more than 2,000 screens in 6 countries and serving more than 100 million patrons annually. Cinépolis is the worldwide pioneer of the luxury cinema concept-Cinépolis VIP – that was launched in 1999. In India, Cinépolis will build large megaplex facilities that will feature double digit screens per site at most of its locations and is planning to roll out 500 screens in the course of the next 7 years.
www.cinepolisindia.com
About Advance India Projects Limited
AIPL is India’s premium real estate development company, with an enviable record of 18 years. Having created a niche in the commercial space market through its uniquely positioned portfolio of 35 premium commercial properties, housing 55 of the finest Indian and Global corporations, AIPL is now set to transform the retail and residential experience in India. Along with its joint venture partner CapitaLand Retail, AIPL promises to transform the look and texture of Retail India. AIPL and CapitaLand Retail have planned 8 shopping destination malls in different cities as per the Joint Venture signed in 2007 across Punjab, Maharashtra and Rajasthan totaling 5.86 sq feet of area. AIPL also has a Joint Venture with Ambuja Realty, Kolkata for developing and marketing two integrated townships in Punjab (Amritsar & Khanna).
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