REG - Time Out Group plc - New Time Out Market - Barcelona

Time OutAnnouncement

26/01/2023 07:00

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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 Klépierre 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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