German cinemas group purchase part of increased UK investment in Germany

The Local
The Local - [email protected] • 26 Oct, 2018 Updated Fri 26 Oct 2018 09:45 CEST
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British cinema group Vue International this week announced the acquisition of Cinestar’s 57 premium multiplex sites in Germany, adding 449 cinema screens to its European portfolio. The purchase is part of a broader pattern of increased pre-Brexit British investment in Germany.

Vue International is already present in eight EU27 markets, owning and operating Vue Entertainment in the UK and Ireland, CinemaxX in Germany and Denmark, Space in Italy, Multikino in Poland, Latvia and Lithuania and Vue Nederland in the Netherlands, according to a statement by Vue. Cinestar operates seven cinemas in Berlin alone, including the CUBIX in Alexanderplatz.

A report published recently by German think tank Institut der deutschen Wirtschaft (IDW) estimated that Brexit could reduce EU-UK trade by 50 per cent in the long term. Yet recent UK investment in Germany is on the up. 

READ ALSO: Why Brexit is a double-edged sword for Germany: Special report

Nearly a quarter of all British companies with German subsidiaries said they would increase their number of staff in the EU's largest economy, according to a survey of 5,600 German companies conducted by the German Chambers of Commerce and Industries (DIHK). 21 per cent of British companies with German subsidiaries said they were looking to increase their investment in Germany.

Vue International had already purchased Cinemaxx AG in Germany, a Hamburg-based cinema operator of more than 285 screens, in 2012. Cinemaxx has cinemas in 26 German cities, according to its website.

READ MORE: British relatives of Nazi victims seek German passport as Brexit looms







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The Local 2018/10/26 09:45

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