New Time Out Market - Abu Dhabi (Mgmt Agreement)
03 February 2021
Time Out Group plc
("Time Out", the "Company" or the "Group")
New Time Out Market - Abu Dhabi management agreement
Time Out Group plc, the global media and leisure business, today announces it has entered into a management agreement with leading real estate developer, Aldar Properties, to open a new Time Out Market ("Market") in Abu Dhabi's Saadiyat Island. Time Out Market Abu Dhabi is expected to open in 2023.
This is Time Out Market's fourth management agreement and its second location in the UAE, with Time Out Market Dubai set to open in the first half of calendar 2021. Under the agreement Time Out receives a share of revenues and profits (subject to a guaranteed management fee) but does not contribute to the capital cost of the site. Its primary responsibility being branding, curation and day-to-day management and operations.
Time Out Market Abu Dhabi
Time Out Market Abu Dhabi will be located in one of the region's prime destinations that attracts millions of locals and visitors annually. The Market, showcasing the region's food and culture, will span over 35,000 square feet and include 15 of Abu Dhabi's best restaurateurs, 3 bars and a cultural and entertainment space.
The best of a city
In 2014 the first Time Out Market opened in Lisbon, bringing Time Out's loyal audience and its trusted curation together in a physical location that offers the best of a city's cuisine and culture under one roof. In 2019 five more sites opened, with the newly expanded platform attracting 5.5m visitors and generating a total transaction value of £65.5m. The Markets' operations have been severely disrupted since March 2020 by lockdowns and restrictions, but their future prospects have grown, with an increasing current and planned roster:
· Current - Lisbon, Miami, New York, Boston, Chicago, Montreal
· Planned - Dubai (2021), London (2022), Porto (2022), Abu Dhabi (2023), Prague (2025)
Prospects
Time Out Market provides a premium environment, supported by strong consumer led marketing and a cost-effective structure for restauranteurs. At a time when commercial landlords and real estate developers face the increasing challenge of attracting customers, the Markets transform spaces that become the anchor in prime locations to drive consumer footfall. As a consequence, the Group expects to sign more agreements in the year ahead, growing its recurring earnings stream, without the need for further capital.
Julio Bruno, CEO of Time Out Group plc, commented:
"Signing the fourth management agreement for Time Out Market with a global real estate partner like Aldar Properties is testament to the appeal of our unique "Market" concept and the global strength of the Time Out brand. We look forward to bringing the Time Out Market to Abu Dhabi and curating the best of this international city's home-grown culinary talent under one roof. While it remains a challenging time for the leisure industry, we know our audience is eager to return to the city life that we champion and we look forward to welcoming them to the current and planned Time Out Markets around the world."
-ENDS-
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For further information, please contact:
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Time Out Group plc |
Tel: +44 (0) 207 813 3000 |
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Julio Bruno, CEO |
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Steven Tredget, Investor Relations Director |
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Liberum (Nominated Adviser and Broker) |
Tel: +44 (0) 203 100 2222 |
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Clayton Bush / Andrew Godber / Edward Thomas |
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FTI Consulting LLP |
Tel: +44 (0) 203 727 1000 |
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Edward Bridges / Stephanie Ellis / Fiona Walker |
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Notes to editors
About Time Out Group plc
Time Out Group is a global media and leisure business that helps people explore and experience the best of the city through its two divisions - Time Out Media and Time Out Market. Time Out launched in London in 1968 with a magazine to help people discover the exciting new urban cultures that had started up all over the city. Today, the Group's digital and physical presence comprises websites, mobile, magazines, live events and Time Out Market. Across these platforms Time Out distributes its curated content - written by professional journalists - around the best food, drink, culture, entertainment and travel across 327 cities in 58 countries. Time Out Market is a food and cultural market which brings the best of the city under one roof: its best chefs, drinks and cultural experiences - based on editorial curation. The first Time Out Market opened in Lisbon in 2014 and Miami, New York, Boston, Montreal and Chicago followed in 2019 with a further pipeline in other global locations. Time Out Group, listed on AIM, is headquartered in the United Kingdom.
About Aldar
Aldar Properties PJSC is the leading real estate developer in Abu Dhabi, and through its iconic developments, it is one of the most well known in the United Arab Emirates, and wider Middle East region. Aldar develops high quality and innovative projects, such as the internationally recognized HQ building situated in the Al Raha Beach development, the Gate Towers in Shams Abu Dhabi on Al Reem Island, in addition to Yas Island's F1 circuit. Aldar's shares are traded on the Abu Dhabi Securities Exchange (Stock quote: ALDAR:UH), and is a profitable, cash generative business that provides recurring revenues, and benefits from a diverse and supportive shareholder base. Aldar operates according to high standards of corporate governance and is committed to operating a long term and sustainable business in order to provide ongoing value for its shareholders. Aldar seeks to create quality, comfortable, desirable destinations that enrich the lives of Abu Dhabi residents as well as tourists within the Emirate. Aldar is playing a leading role in the development and provision of world class retail - Yas Mall, international standard education through Aldar Academies, iconic entertainment venues such as the Yas Marina Circuit, and community amenities across its entire portfolio.
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