Yes Planet will build a new multiplex at the Sherover Promenade overlooking the Old City in Jerusalem at a cost of NIS 150 million. Construction will be begin in the second half of 2015. The 28,500-square meter multiplex will form part of the tourism-cultural complex that runs from Jaffa Gate, past the Sultan's Pool, Cinemateque, the Khan Theater, Ottoman Train Station to the Sherover Promenade from Abu Tor to Armon Hanatziv.
Yes Planet owner Cinema City International NV (WSE: CCI and the Sherover Foundation will jointly build the six-floor multiplex with 16 screens, four multipurpose auditoriums, an IMAX screen, and a DX4 multidimensional movie auditorium, showrooms and art exhibition space, cafes, restaurants, and commercial space, including book and music stores. It will also have a 400-space three-level parking garage and nearby parking lot.
Yes Planet CEO Moshe (Mooky) Greidinger says that the multiplex will have state-of-the-art technologies for the cinematic experience. Sherover Foundation chairman Uzi Wexler said that the hook-up with Yes Planet and love of the movies was a good fit for the foundation.
"The new Sherover-Yes Planet Center will add to Jerusalem's cultural renaissance and to the countless cultural sites that have opened in the city in the past few years, including the Ottoman Train Station, the old Hansen Leper Hospital, the Sports Center and Arena Stadium, Masie House Theater Center, and the Menorah Center," said Jerusalem Mayor Nir Barkat.
Published by Globes [online], Israel business news - www.globes-online.com - on April 29, 2014
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