REG - Time Out Group plc - New Time Out Market - Osaka (Mgmt Agreement)

Time OutAnnouncement

19/05/2022 07:00

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RNS Number : 0019M  Time Out Group plc  19 May 2022

19 May 2022

 

Time Out Group plc

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

 

New Time Out Market - Osaka management agreement

 

Time Out Group plc (AIM: TMO), the global media and hospitality business,
today announces that it has entered into a management agreement with real
estate developer Hankyu Hanshin Properties Corporation, to open a new Time Out
Market ("Market") in Osaka.

 

This is Time Out Market's fifth management agreement and its first location in
the region, enabling further global expansion of this successful food and
cultural market.

 

Time Out Market Osaka is expected to open in the Umekita Second Zone
development in 2025. The Umekita Project, in the Umeda area of the city, is a
large-scale development at the former cargo yard in front of Osaka Station.
Once complete, it will establish an urban complex with offices, hotels,
commercial facilities, a municipal park and housing.

 

Time Out Market Osaka will showcase the city's best food, drinks and culture,
and will span over 31,000 square feet, and include 15 of Osaka's best chefs
and restaurateurs, and two bars.

 

Under the agreement, Time Out receives a share of revenues and profits
(subject to a guaranteed consultancy fee) but does not contribute to the
capital cost of the site. Time Out's primary responsibility is branding,
curation and day-to-day consultancy advice on operations.

 

Didier Souillat, Co-CEO of Time Out Market, commented: "We look forward to
working with Hankyu Hanshin Properties Corporation to bring the best of
Osaka's homegrown cuisine and culture together under one roof. 2025 is set to
be an exciting year in Osaka, with all eyes on the city as it hosts the next
World Expo, so it is perfect timing for us to curate the very best of the
city.

 

"Following a challenging two years for the retail and hospitality sector,
we're delighted that all seven Time Out Markets around the world are open, and
we're excited for Time Out Market's pipeline of future openings, scaling this
successful format globally and driving growth."

 

A spokesperson for Hankyu Hanshin Properties Corporation, added: "The Umekita
Second Project is a large-scale development project in the heart of Osaka,
with the aim of creating a next-generation town centred on a park that is
unparalleled in the world. The new station to be built in the development area
will serve as a gateway for welcoming customers from around the world.

 

"Time Out Market Osaka is expected to be a place where visitors from Japan and
abroad can not only find gourmet food that they should experience in Osaka,
but also where people living and working in the neighbourhood can interact
with people from around the world through gourmet food. Osaka is well known as
a city of "kuidaore" ("too much good food to eat") in Japan, and we are
excited to be able to introduce Osaka's gourmet food and culture that is still
largely unknown to the world."

 

Time Out Market is the world's first editorially curated food and cultural
market, bringing the city's best chefs, restaurateurs and unique cultural
experiences together under one roof. The first Time Out Market opened in 2014
in a historic market hall in Lisbon, quickly turning into the most popular
destination in the city with over 4m locals and tourists visiting in 2019. The
success of Lisbon brought further expansion in North America, with Time Out
Market opening in five major cities in 2019: Miami, New York, Boston, Montreal
and Chicago. In 2021, Time Out Market expanded into the Middle East with Time
Out Market Dubai, and more Time Out Market locations are in the pipeline
including Porto (2022/23), Abu Dhabi (2024), Prague (2025), Osaka (2025),
London (tbc) and more.

 

 

-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
 Clayton Bush / Andrew Godber / Edward Thomas

 FTI Consulting LLP                               Tel: +44 (0) 203 727 1000
 Edward Bridges / Stephanie Ellis / Fiona Walker

 

 

Notes to editors

 

About Time Out Market

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. From cooking classes with top chefs to
installations from local artists and live entertainment, Time Out Market
captures and celebrates the soul of the city.

 

The first Time Out Market opened in 2014 in a historic market hall in Lisbon,
quickly turning into the most popular destination in the city with over 4m
visitors a year. The success of Lisbon brought further expansion in North
America, with Time Out Market opening in five major cities in 2019: Miami, New
York, Boston, Montreal and Chicago. In 2021, Time Out Market expanded into the
Middle East with Time Out Market Dubai, and more Time Out Market locations are
in the pipeline including Porto, Abu Dhabi, Prague, Osaka, London and more.

 

Time Out Market is part of Time Out Group PLC (LSE: AIM), the global media and
hospitality business that inspires connection and joy by capturing the soul of
the world's greatest cities.

 

About Hankyu Hanshin Properties Corp.

Hankyu Hanshin Properties is part of the Hankyu Hanshin Holdings Group and is
involved in the real estate business.

 

Over its long history of more than 100 years, the Hankyu Hanshin Holdings
Group has proposed affluent lifestyles to people through its railway, real
estate and entertainment businesses, and has contributed to the creation of
attractive railway lines and urban development.

 

Hankyu Hanshin Properties is currently expanding its business field to other
parts of Japan and the world, centering on the Kansai region, including the
management of commercial facilities, office buildings, and residential
development.

 

In the Umeda area of Osaka, which is a particularly important business base,
we are involved in many real estate operations and large-scale mixed-use
development projects, including the Umekita Second phase project. Not only in
the real estate business, we are actively leading the area management of Osaka
Umeda and contributing to the creation of an attractive city that attracts
people from all over the world.

 

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