TIDMTMO
RNS Number : 5893P
Time Out Group plc
30 May 2018
30 May 2018
Time Out Group plc
("Time Out", the "Company" or the "Group")
Announces first management agreement to open a new Time Out
Market in Montréal
Time Out Group plc (AIM: TMO), the global media and
entertainment business, is pleased to announce that it has entered
into a management agreement with global real estate company Ivanhoé
Cambridge to open a new Time Out Market in Montréal, Canada. This
allows further global expansion of Time Out Market with no capital
expenditure to the Group.
Under its first management agreement, Time Out Market's partner
Ivanhoé Cambridge will invest to provide a complete environment for
Time Out Market to operate; the Group will receive a guaranteed
management fee and a share of profit in return for operating Time
Out Market Montréal with primary responsibility for branding,
curation and day-to-day management.
The first Time Out Market opened in Lisbon in 2014 and is now
the country's most popular attraction with a record 3.6 million
visitors in 2017. It brings the best of the city together under one
roof: its best restaurants, bars and cultural experiences, based on
Time Out's editorial curation.
Following the success story in Lisbon, the Group is rolling out
Time Out Market globally and now has five new sites in the pipeline
over the next 18 months. Time Out Market Miami is expected to open
in Q4 2018 and all kitchens have already been signed up with the
city's most celebrated chefs including Jeremy Ford, Jose Mendin,
Maria Orantes, Alberto Cabrera and more.
Opening at the end of 2018, Time Out Market New York will have a
unique waterfront position between Brooklyn Bridge and Manhattan
Bridge, offering impressive views of Manhattan's iconic skyline. As
part of this global expansion, Time Out Market Boston and Chicago
will open in 2019, complemented by the site in Montréal later that
year.
Time Out Market Montréal will be located in the Centre Eaton de
Montréal on Sainte-Catherine Street. At the heart of downtown
Montréal, this top location is a popular retail and business hub,
attracting millions of locals and visitors every year.
Time Out Market Montréal will occupy 36,000 sq ft, accommodating
around 550 seats. There will be a curated mix of 16 food offerings,
two bars, a demo kitchen, a cooking academy, a retail shop and a
cultural stage - all representing the very best food, drinks and
culture Montréal has to offer.
Julio Bruno, CEO of Time Out Group plc, stated:
"We are delighted to announce our first management agreement for
Time Out Market. It allows us to accelerate our global expansion,
grow our brand and drive additional revenue. The fact that Ivanhoé
Cambridge chose us as strategic partner and will make a significant
investment to bring Time Out Market to Montréal is proof of the
strength of the format and the brand."
Didier Souillat, CEO of Time Out Market, commented:
"Montréal has developed into a culinary hotspot and is now one
of the world's foodie capitals. This is a city with incredibly
creative chefs and an audience with a love for great food. As if
this wasn't enough, Montréal also has a buzzing cultural scene with
over 100 festivals each year. All of this makes this city a perfect
spot for Time Out Market and we look forward to opening our first
site in Canada.
"Time Out Market continues to be a great success story and is
now recognised as one of the most visionary formats: our first site
in Lisbon is Portugal's most visited attraction, we have an
exciting pipeline of new sites and for our upcoming opening in
Miami we have all kitchens signed up with the city's 'who's who' of
the most celebrated chefs. We are proud to now also bring our
unique Time Out Market experience to the great city of
Montréal."
For further information, please
contact:
Time Out Group plc Tel: +44 (0)207
813 3000
Julio Bruno, CEO
Adam Silver, CFO
Steven Tredget, Investor Relations
Director
Liberum Capital Limited (Nominated Tel: +44 (0)203
Adviser and Broker) 100 2222
Steve Pearce / Jill Li
FTI Consulting LLP Tel: +44 (0)203
727 1000
Edward Bridges / Stephanie Ellis
/ Emma Hall
Notes to editors
About Time Out Group plc
Time Out Group is the leading global media and entertainment
business with a content distribution network comprising digital,
mobile, apps, social media and print and a physical presence via
Live Events and Time Out Market. Using these platforms and its
well-established global brand, Time Out seeks to inspire and enable
people to make the most of a city, through curated content around
food, drink, music, theatre, art, travel and entertainment. Time
Out, listed on AIM and headquartered in the United Kingdom, is
present in 108 cities in 39 countries and has an average global
monthly audience reach of 217 million.
About Ivanhoé Cambridge
Ivanhoé Cambridge develops and invests in high-quality real
estate properties, projects and companies that are shaping the
urban fabric in dynamic cities around the world. It does so
responsibly, with a long-term view to generate optimal,
risk-adjusted returns. Ivanhoé Cambridge is committed to creating
living spaces that foster the well-being of people and communities,
while reducing its environmental footprint.
Vertically integrated in Canada, Ivanhoé Cambridge invests
internationally alongside strategic partners and major real estate
funds that are leaders in their markets. Through subsidiaries and
partnerships, the Company holds interests in more than 1,000
buildings, primarily in the residential, office, retail, industrial
and logistics sectors. Ivanhoé Cambridge held more than C$60
billion in assets as at December 31, 2017, and is a real estate
subsidiary of the Caisse de dépôt et placement du Québec
(cdpq.com), one of Canada's leading institutional fund managers.
For more information: ivanhoecambridge.com.
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END
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