Nearly three weeks after the fundraising campaign to buy Cinema Nova was launched, the retro cinema in the Brussels city centre has already raised €400,000 – half the amount needed to buy the venue.
Cinema Nova's lease will soon expire and the rising real estate prices in the city could destroy the collective project after running for almost 30 years. To continue the popular cultural site, the organisation called on the public to save the iconic theatre by buying a share.
"The Royal Gallery of Saint Hubert now owns the building. And after three years of negotiating, we have found an agreement for a leasehold with them. We just need the necessary funds," Dirk Van Extergem, one of the cinema’s founders, told The Brussels Times last week.
Protecting independent cinema
If the cooperative manages to raise enough money, it could enter into a 68-year leasehold, which would give it the same rights as an owner until 2092 – allowing Cinema Nova to continue its activities independently and for as long as possible.
Fundraising is proceeding in two phases: the first raised €300,000 from private investors with the cooperative then launching a second public appeal three weeks ago. That has now raised another €100,000, meaning there is now just under €400,000 left to go.
"Such an amount in such a short time, we are extremely happy with that," said Marie-Eve Cosemans of Cinema Nova and Supernova. "The campaign has also only just started, more initiatives will follow, including in other cities. Additionally, this is not just from a few big donations, but from many hundreds of people becoming cooperators. That shows there is a real Nova community."
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The price for the leasehold is €680,000 and must be paid by the end of March 2024. As there are also urgent renovation works to be done in the building, the collection target is a bit higher still, at €794,000.
More information about the cinema and the "Let's buy Nova" campaign can be found here. Buying a share is possible via the Supernova Coop website until 31 March 2024.
