New Time Out Market - Barcelona
26 January 2023
Time Out Group plc
("Time Out", the "Company" or the "Group")
New Time Out Market - Barcelona
Time Out Group plc (AIM: TMO), the global media and hospitality business, announced today that it has entered into a lease agreement with Klépierre Real Estate España S.L.U., a member of the Klépierre Group ("Klépierre"), to open a new Time Out Market ("Market") in Barcelona with an expected opening date in the first half of calendar 2024.
In addition to seven Markets already open, this new agreement increases the lineup of new sites to eight Markets in development which are set to open between 2023 and 2027, in addition to a robust pipeline of other locations in advanced negotiations.
Time Out Market Barcelona will be located in the Maremagnum shopping and leisure destination in the Port Vell area which is close to landmarks such as the Gothic Quarter, the Barceloneta and connected to La Rambla - one of Barcelona's most renowned streets - via a pedestrian bridge used by 40 million people every year. Klépierre, Europe's leading shopping centre operator, is currently reshaping Maremagnum through redesign of all interiors, new shops and public spaces.
Time Out Market will be located on the top floor of Maremagnum, with direct access from the street via escalator and elevator. Across 56,500 sq ft, the Market will showcase the city's best food, drinks and culture - based on Time Out's editorial curation, it will feature local award-winning and up-and-coming culinary as well as cultural talent. There will be a curated mix of 14 kitchens, a full-service restaurant, four bars (two indoor and two outdoor), an events space, a studio and an outdoor lounge. With around 1,000 seats indoor and al fresco, guests will get to enjoy fantastic views from the panoramic roof of the city, the marina and the Mediterranean.
The ongoing global expansion of Time Out Market is focused on management agreements - of which two are already open and another six have been signed - 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 Barcelona is a lease agreement and as a result will be an Owned & Operated Market, with Time Out receiving 100% of site profits. The majority of the construction capex will be covered by a contribution from the landlord, as well as a sponsorship provided by beer brand Estrella Damm.
Jay Coldren, Co-CEO of Time Out Market (Development) said: "Barcelona is globally regarded as one of the top food destinations in the world and is a perfect fit for our brand. We are excited to bring Time Out Market to this fabulous, vibrant city together with our partners Klépierre and Estrella Damm.
"We now have an incredibly strong lineup of new Markets that will open in the next few years and with interest from landlords and real estate developers stronger than ever, we expect to further accelerate the signing of new Markets in the year ahead."
Laetitia Ferracci, Managing Director of Kl épierre Iberia commented: "Klépierre is confirming its commitment to Barcelona by investing in Maremagnum to transform its already successful shopping destination in a unique and urban location into a shopping and leisure venue in line with its Shop Meet Connect strategy. It will combine a differentiating retail offer with Time Out Market's unique curation of the city's best culinary and cultural experiences. We are very excited to bring a new offer to an experience-hungry foodie audience."
The current pipeline for eight new Markets, in addition to seven existing locations, includes:
● Porto (2023 - Owned & Operated Market)
● Cape Town (2023 - Management Agreement)
● Barcelona (2024 - Owned & Operated Market)
● Vancouver (2024 - Management Agreement)
● Abu Dhabi (2025 - Management Agreement)
● Prague (2025 - Management Agreement)
● Osaka (2025 - Management Agreement)
● Riyadh (forecast to open in 2027 - Management Agreement)
-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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Chris Ohlund, 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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Andrew Godber / Edward Thomas / Clayton Bush |
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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
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 Klépierre
Klépierre is Europe's leading shopping centre operator, combining development, leasing and asset management expertise. The company's portfolio is valued at EUR 20.6 billion at 30 June 2022 and includes major shopping centres in more than 12 countries in continental Europe, which welcome hundreds of millions of visitors a year. Klépierre holds a majority stake (56.1%) in Steen & Strøm, Scandinavia's leading shopping centre company. Klépierre is a French listed real estate investment company (SIIC), whose shares are listed on Euronext Paris, and is a member of the CAC Next 20 and EPRA Euro Zone indices. It is also a member of ethical indices such as MSCI Europe ESG Leaders, FTSE4Good, Euronext Vigeo Europe 120, and is on the CDP's "A List". These distinctions underline the Group's commitment to a proactive approach to sustainable development, as well as its global leadership in the fight against climate change.
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