New Time Out Market - Vancouver (Mgmt Agreement)
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."
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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 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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