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

Time OutAnnouncement

08/11/2022 07:00

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RNS Number : 5991F  Time Out Group plc  08 November 2022

 

 

 

 

 

8 November 2022

 

Time Out Group plc

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

New Time Out Market - Vancouver management agreement

 

Time Out Group plc (AIM: TMO), the global media and hospitality business,
announced today that it has entered into a management agreement with QuadReal
Property Group and Westbank to open a new Time Out Market ("Market") at
Oakridge Park in Vancouver.

 

Joining the recently signed sites in Osaka and Cape Town, this is the
Company's seventh management agreement as the global expansion continues. The
growing portfolio includes seven open locations with a further six signed with
expected opening dates between 2023 and 2025, in addition to several other
locations which are currently in advanced negotiations.

 

Time Out Market Vancouver is expected to open at the end of calendar 2024 in
the heart of Oakridge Park, Vancouver's designated new town centre being
developed in partnership by QuadReal Property Group and Westbank. Currently
under construction, Oakridge Park will be a highly sustainable, mixed-use,
transit-oriented cultural hub that includes residential towers, workspace, a
9-acre public park, a civic centre and library, indoor and outdoor performance
venues, and a one million sq ft shopping centre expected to be one of the
busiest and most productive in Canada.

 

Located across two levels spanning 69,000 sq ft, Time Out Market Vancouver
will showcase the city's best food, drinks and culture. The first level will
feature a curated mix of 17 live cooking kitchens, 3 bars, a coffee shop, a
stage, art & cultural spaces and an open-air patio. The mezzanine will
include a signature cocktail lounge, an event space and a demonstration
kitchen. With approximately 1,400 seats (including the event space), guests
will have a variety of indoor and al fresco dining options.

 

Under a management agreement, Time Out Market receives a share of revenues and
profits (subject to a guaranteed consultancy fee) but does not contribute to
the capital cost of the site.

 

Chris Ohlund, CEO of Time Out Group plc said: "Oakridge Park is a visionary
development in the beautiful city of Vancouver - we are delighted to partner
with leading real estate companies QuadReal and Westbank and for Time Out
Market to become an anchor of this project.

 

"Time Out Market is a success with both consumers and landlords as our growing
pipeline of locations demonstrates. As food halls become increasingly popular,
we continue to spearhead this global trend by constantly evolving our proven
concept. As such, the design for the site in Vancouver will feature a number
of innovations, while staying true to what makes Time Out Market such an
exciting destination."

 

Andy Clydesdale, Executive Vice President, Retail, QuadReal Property Group
commented: "We are excited to bring Time Out Market to Vancouver at Oakridge
Park, which is set to become a new and vibrant cultural hub for Vancouver.
From a retail perspective, our vision was always to seamlessly integrate a
world-class culinary experience with a carefully curated collection of brands
and services from around the globe. Representing the future of culinary and
cultural experiences, Time Out Market literally brings the best of the best to
our collective kitchen table."

 

Ian Gillespie, Founder & CEO, Westbank said: "Decades in the making,
Oakridge Park is becoming the new town centre for Vancouver. We have always
had great ambitions for the project to become the living room for our
community, one of the most diverse cities in the world. For the Food Hall,
which will be the heart of the project, we took inspiration from the World
Fair, envisioning a community gathering place that celebrates Vancouver's
multiculturalism through food. Time Out Market has created a concept that
shares these values, centred around bringing together the best culinary and
cultural experiences in their cities. Their values align perfectly with our
vision for Oakridge Park and we look forward to collaborating together to make
Time Out Market Vancouver into a destination, for the community and the
world."

 

-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 QuadReal Property Group

QuadReal Property Group is a global real estate investment, operating and
development company headquartered in Vancouver, British Columbia. Its assets
under management total $67.1 billion. From its foundation in Canada as a
full-service real estate operating company, QuadReal has expanded its
capabilities to invest equity and debt in both the public and private markets.
QuadReal invests directly, via programmatic partnerships and through operating
companies in which it holds an ownership interest.

 

QuadReal seeks to deliver strong investment returns while creating sustainable environments that bring
value to the people and communities it serves. Now and for generations to
come.

 

QuadReal: Excellence lives here.

 

 

About Westbank

Westbank is a practice dedicated to the creation of inspiring environments.
Established 30 years ago, we are a private company that partners with like
minded global organizations to become ever more impactful, in our core cities
of focus: Vancouver, Toronto, Seattle, Tokyo and San Jose. As a global leader
in net zero development and the co-owner of one of North America's largest
district energy providers, we are committed to largescale net zero carbon
initiatives. Our body of work includes residential, hotels, retail, creative
workspace, district energy, affordable housing, exhibitions and public art,
with over $50B of projects completed or under development. As our practice has
evolved, we have woven together an ecosystem of cultural enterprises, in
collaboration with some of the most talented artists, architects, designers
and entrepreneurs in the world. We look for every opportunity to bring people
together and help build more inspiring, sustainable communities. Through these
and other endeavours, our evolution continues as we become a cultural platform
for the creative city.

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