International cinema chain Village Cinemas is set to open its first Romanian multiplex in Iasi's Palas center next year, the project developers have announced. Part of the Village Roadshow media and entertainment group, Village Cinemas plans 10 cinema screens for the Northern Romanian city and a total capacity of 1,850 seats, making it the largest cinema outside Bucharest. Village Cinemas will operate the multiplex through its Greek management firm.

The Palas mixed project in Iasi will be ready in April 2012. The project is being run by Iulius Group, a real estate developer owned by Romanian investor Iulian Dascalu, in partnership with the Iasi City Hall, which contributed the land plot for the project, located in a historic area of the city. The investment in the project exceeds EUR 260 million. It will include offices, residential units and a shopping center. The entire retail area will cover more than 50,000 sqm, with lease contracts already signed with brands H&M, Tommy Hilfiger, New Yorker, C&A, Stefanel, New Look, Colin’s, Levi’s, Motivi, Oodji, L’Occitane, Sephora, Hervis Sports, Intersport, Ecco, Il Passo, KFC Drive Thru, Auchan. Iulius Group already runs a chain of shopping centers across Romania under the Iulius Mall brand.

Corina Saceanu, corina@romania-insider.com

(photo source: Iulius Group)