REG - Time Out Group plc - New Time Out Market - New York, Union Square

Time OutAnnouncement

27/02/2025 07:15

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20250227:nRSa6137Ya&default-theme=true

RNS Number : 6137Y  Time Out Group plc  27 February 2025

 

 

27 February 2025

 

Time Out Group plc

("Time Out", the "Company" or the "Group")

New Time Out Market - New York, Union Square

 

Time Out Group plc (AIM: TMO), the global media and hospitality business,
announced today that it has entered into a lease agreement with Zero Irving to
open a new Time Out Market at New York City's Union Square with an expected
opening date in autumn 2025.

 

In addition to ten Markets already open, this new agreement increases the
pipeline of sites under development to seven Markets set to open between 2025
and 2027, with more in negotiations.

 

This new Time Out Market will be located in the central Union Square
neighbourhood of Manhattan on the ground floor of Zero Irving, a 'ground up'
fully-leased 21-story Class A office building, designed as an innovation and
technology hub as part of a joint venture of affiliates of RAL Companies and
JRE Partners.

 

This will be the Company's second food and cultural market in New York,
following the first highly successful flagship site which opened in 2019 in
Brooklyn's Dumbo neighbourhood. Time Out Market New York, Union Square will
offer across 10,000 sq ft a curated mix of the city's top and up-and-coming
culinary talents, all under one roof. There will be seven kitchens, a bar, a
stage for cultural experiences and approximately 300 seats with around 70 of
them on the terrace.

 

The pipeline of Markets under development consists of six Management
Agreements 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 New York, Union Square
is a lease agreement and as a result will be an Owned & Operated Market,
with Time Out receiving 100% of site profits. As the space previously housed a
food hall and has a smaller footprint, construction capex - for which the
Company raised funds last year - will be lower compared to other sites.

 

Chris Ohlund, CEO of Time Out Group plc said: "Our medium target is 40 to 50
Market sites in top cities around the world - this will not only enable us to
generate substantial revenue growth, these Markets also offer the opportunity
to become another big media channel for Time Out which currently has a global
monthly brand reach of 184 million.

 

"As one of our focus areas are smaller sites in top cities, we are looking
forward to opening in just a few months time our second Market in New York -
this demonstrates our ability to accelerate our opening pace and the potential
significant revenue synergies with our Time Out Media business."

 

Spencer Levine, President at RAL Companies & Affiliates LLC: "Zero Irving
is an award-winning trophy asset with museum-quality office space that is 100%
leased by industry-leading companies. The project is a case study in effective
public/private collaboration as we worked hand-in-hand with the Economic
Development Corporation (EDC) to create an ecosystem for job growth, tech
innovation and a food hall. Time Out Market is a high-quality tenant perfectly
positioned to run a successful operation that benefits the building's office
tenants, the surrounding community, and New York City as a whole."

 

The existing Market portfolio and expected opening schedule based on calendar
year is as follows:

 

 Open Markets                                          Markets under development
 Owned & Operated               Management Agreements  Owned & Operated             Management Agreements
 ●    Lisbon                    ●    Montreal          2025                         2025

 ●    New York, Brooklyn        ●    Dubai             ● New York, Union Square     ●    Osaka

 ●    Boston                    ●    Cape Town                                      ●    Budapest

 ●    Chicago                   ●    Bahrain                                        ●    Vancouver

 ●    Porto                                                                         ●    Abu Dhabi

 ●    Barcelona

2027

                                                                                    ●    Prague

                                                                                    ●    Riyadh

 

-ENDS-

 For further information, please contact:
 Time Out Group plc                                                Tel: +44 (0) 207 813 3000
 Chris Ohlund, CEO

 Matt Pritchard, CFO

 Steven Tredget, Investor Relations Director
 Panmure Liberum (Nominated Adviser and Broker)                    Tel: +44 (0) 203 100 2222
 Andrew Godber / Edward Thomas / Ailsa MacMaster / Joshua Borlant
 FTI Consulting LLP                                                Tel: +44 (0) 203 727 1000
 Edward Bridges / Shaliz Navab

 

 

Notes to editors

 

About Time Out Group

Time Out Group is a global brand that inspires and enables people to
experience the best of the city. Time Out launched in London in 1968 to help
people discover the best of the city - today it is the only global brand
dedicated to city life. Expert 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 open Markets in ten cities
such as Lisbon, New York and Dubai, several new locations with expected
opening dates in 2025 and beyond, in addition to a pipeline of further
locations in advanced discussions. Time Out Group PLC, listed on AIM, is
headquartered in London (UK).

 

About JRE Partners®

JRE Partners is a privately owned and operated real estate investment
management business with expertise in real estate acquisition,
development/redevelopment, financing, operations, marketing, and capital
markets.  Formed in 2022, JRE Partners is the successor operating business to
Junius Real Estate Partners, a direct real estate investment division
established within JPMorgan in 2011.  JRE Partners originates and manages
direct investments in U.S. commercial and residential real estate through
managed investment funds on behalf of a global investor base.

 

About RAL Companies

RAL Companies, is a full service real estate development firm with a
three-generation, 40+ year track record of success in building complex,
high-profile projects nationally and internationally.  RAL's
multidisciplinary in-house expertise includes predevelopment and approvals,
urban planning, architecture and design, finance, construction management,
landscape architecture, marketing and leasing, and property management.  RAL
operates both as a principal owner/developer and as an owner's representative,
bringing its expertise to residential, commercial, mixed-use, planned
communities, resorts and hospitality, and other property types.  RAL prides
itself on its dedication to the communities it works with, creating strong and
lasting relationships with local constituencies wherever they build, employing
union labor, and collaborating with MWBE contractors when possible, RAL uses
and believes in cutting-edge processes and technologies but never substitutes
them for the experience, ingenuity, creativity, passion, leadership, and
professional judgment provided by its people.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  AGRPKABQCBKDQBB