Business
New Time Out Market - Vancouver (Mgmt Agreement)
New Time Out Market - Vancouver (Mgmt Agreement).
About this update from Time Out Group Plc
[{"type":"text","content":"\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 8 November 2022\n \n \n \n \n \n \n Time Out Group plc\n \n \n \n \n (\"Time Out\", the \"Company\" or the \"Group\")\n \n \n \n \n New Time Out Market - Vancouver management agreement\n \n \n \n \n \n \n \n \n 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.\n \n \n \n \n \n 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.\n \n \n \n \n \n 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.\n \n \n \n \n \n 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.\n \n \n \n \n \n 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.\n \n \n \n \n \n \n Chris Ohlund, CEO of Time Out Group plc said:\n \n \"Oakridg...