TIDMTMO
RNS Number : 9475N
Time Out Group plc
26 January 2023
26 January 2023
Time Out Group plc
("Time Out", the "Company" or the "Group")
New Time Out Market - Barcelona
Time Out Group plc (AIM: TMO), the global media and hospitality
business, announced today that it has entered into a lease
agreement with Klépierre Real Estate España S.L.U., a member of the
Klépierre Group ("Klépierre"), to open a new Time Out Market
("Market") in Barcelona with an expected opening date in the first
half of calendar 2024.
In addition to seven Markets already open, this new agreement
increases the lineup of new sites to eight Markets in development
which are set to open between 2023 and 2027, in addition to a
robust pipeline of other locations in advanced negotiations.
Time Out Market Barcelona will be located in the Maremagnum
shopping and leisure destination in the Port Vell area which is
close to landmarks such as the Gothic Quarter, the Barceloneta and
connected to La Rambla - one of Barcelona's most renowned streets -
via a pedestrian bridge used by 40 million people every year.
Klépierre, Europe's leading shopping centre operator, is currently
reshaping Maremagnum through redesign of all interiors, new shops
and public spaces.
Time Out Market will be located on the top floor of Maremagnum,
with direct access from the street via escalator and elevator.
Across 56,500 sq ft, the Market will showcase the city's best food,
drinks and culture - based on Time Out's editorial curation, it
will feature local award-winning and up-and-coming culinary as well
as cultural talent. There will be a curated mix of 14 kitchens, a
full-service restaurant, four bars (two indoor and two outdoor), an
events space, a studio and an outdoor lounge. With around 1,000
seats indoor and al fresco, guests will get to enjoy fantastic
views from the panoramic roof of the city, the marina and the
Mediterranean.
The ongoing global expansion of Time Out Market is focused on
management agreements - of which two are already open and another
six have been signed - under which the Group receives a share of
revenues and profits (subject to a guaranteed consultancy fee) but
does not contribute to the capital cost of the site. In contrast,
Time Out Market Barcelona is a lease agreement and as a result will
be an Owned & Operated Market, with Time Out receiving 100% of
site profits. The majority of the construction capex will be
covered by a contribution from the landlord, as well as a
sponsorship provided by beer brand Estrella Damm.
Jay Coldren, Co-CEO of Time Out Market (Development) said:
"Barcelona is globally regarded as one of the top food destinations
in the world and is a perfect fit for our brand. We are excited to
bring Time Out Market to this fabulous, vibrant city together with
our partners Klépierre and Estrella Damm.
"We now have an incredibly strong lineup of new Markets that
will open in the next few years and with interest from landlords
and real estate developers stronger than ever, we expect to further
accelerate the signing of new Markets in the year ahead."
Laetitia Ferracci, Managing Director of Kl épierre Iberia
commented: "Klépierre is confirming its commitment to Barcelona by
investing in Maremagnum to transform its already successful
shopping destination in a unique and urban location into a shopping
and leisure venue in line with its Shop Meet Connect strategy. It
will combine a differentiating retail offer with Time Out Market's
unique curation of the city's best culinary and cultural
experiences. We are very excited to bring a new offer to an
experience-hungry foodie audience."
The current pipeline for eight new Markets, in addition to seven
existing locations, includes:
-- Porto (2023 - Owned & Operated Market)
-- Cape Town (2023 - Management Agreement)
-- Barcelona (2024 - Owned & Operated Market)
-- Vancouver (2024 - Management Agreement)
-- Abu Dhabi (2025 - Management Agreement)
-- Prague (2025 - Management Agreement)
-- Osaka (2025 - Management Agreement)
-- Riyadh (forecast to open in 2027 - Management Agreement)
-ENDS-
For further information, please contact:
Time Out Group plc Tel: +44 (0) 207 813
3000
Chris Ohlund, CEO
Steven Tredget, Investor Relations Director
Liberum (Nominated Adviser and Broker) Tel: +44 (0) 203 100
2222
Andrew Godber / Edward Thomas / Clayton
Bush
FTI Consulting LLP Tel: +44 (0) 203 727
1000
Edward Bridges / Stephanie Ellis / Fiona
Walker
Notes to editors
About Time Out Group
Time Out Group is a global media and hospitality business that
inspires and helps people experience the best of the city through
its two divisions - Time Out Media and Time Out Market. Time Out
launched in London in 1968 to help people discover the exciting new
urban cultures that had started up all over the city - today it is
the only global brand dedicated to city life. Professional
journalists curate and create content about the best things to Do,
See and Eat across 333 cities in 59 countries and across a unique
multi-platform model spanning both digital and physical channels.
Time Out Market is the world's first editorially curated food and
cultural market, bringing a city's best chefs, restaurateurs and
unique cultural experiences together under one roof. The portfolio
includes seven open Markets, several new locations with expected
opening dates in 2023 and beyond, in addition to a pipeline of
further locations in advanced discussions. Time Out Group PLC,
listed on AIM, is headquartered in the United Kingdom.
About Klépierre
Klépierre is Europe's leading shopping centre operator,
combining development, leasing and asset management expertise. The
company's portfolio is valued at EUR 20.6 billion at 30 June 2022
and includes major shopping centres in more than 12 countries in
continental Europe, which welcome hundreds of millions of visitors
a year. Klépierre holds a majority stake (56.1%) in Steen &
Strøm, Scandinavia's leading shopping centre company. Klépierre is
a French listed real estate investment company (SIIC), whose shares
are listed on Euronext Paris, and is a member of the CAC Next 20
and EPRA Euro Zone indices. It is also a member of ethical indices
such as MSCI Europe ESG Leaders, FTSE4Good, Euronext Vigeo Europe
120, and is on the CDP's "A List". These distinctions underline the
Group's commitment to a proactive approach to sustainable
development, as well as its global leadership in the fight against
climate change.
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END
MSCEASFKALLDEEA
(END) Dow Jones Newswires
January 26, 2023 02:00 ET (07:00 GMT)
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