New Time Out Market – Budapest (Mgmt Agreement)

Time Out Group plc

17 April 2024

 

17 April 2024

Time Out Group plc

("Time Out", the "Company" or the "Group")

New Time Out Market - Budapest 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 Corvin Food Market Kft to open a new Time Out Market ("Market") in Budapest with an expected opening date in 2025.

This agreement increases the number of sites in development to nine which are set to open between 2024 and 2027, in addition to the seven Markets already open and a pipeline of further locations in advanced negotiation.

Time Out Market Budapest will be located in Corvin Palace which first opened in 1926 and recently has been renovated back to its original neoclassical state. Considered one of the city's legendary historic department stores, it has been redeveloped as a mixed-use real estate property offering retail, leisure and a hotel in a prime central location at Blaha Lujza Square, a busy intersection and public transport junction. Time Out Market Budapest will be the primary food offering at Corvin Palace.

Comprising approx. 25,000 sq ft indoors on the first floor and a further 9,000 sq ft outdoors on the rooftop, Time Out Market Budapest will feature 14 kitchens, four bars and one event space. With around 800 seats, guests will be able to experience a curated mix of the city's best culinary and cultural talents from award-winning chefs to up-and-coming restaurateurs and artists.

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: "Budapest is amongst Europe's most beautiful cities in which both locals and tourists love to go out - to open a Time Out Market in one of the city's top locations, together with our partners in Budapest, is very exciting for us. Budapest offers both traditional, classic and modern, hip elements - it has a vibrant and diverse food scene which we will bring together under one roof at Time Out Market Budapest."

Oliver Balogh and Viktor Balogh - of Corvin Food Market Kft and minority owners of Corvin Palace - added: "Corvin Palace is the oldest department store in Budapest - we are proud to have now brought it back to its original glory, whilst creating value through a modern mixed-use of this legendary building. This is an ambitious project, so our goal was to include an iconic food and cultural market to complement the high-quality retail and leisure offerings as well as a hotel already signed - we are delighted to be welcoming Time Out Market Budapest to Corvin Palace soon."

The portfolio of 16 sites includes seven open and the following nine new Markets scheduled to open in the next three years:

●     2024 (May): Porto (Owned & Operated)

●     2024: Barcelona (Owned & Operated)

●     2024: Bahrain (Management Agreement)

●     2025: Osaka (Management Agreement)

●     2025: Vancouver (Management Agreement)

●     2025: Abu Dhabi (Management Agreement)

●     2025: Budapest (Management Agreement)

●     2027: Prague (Management Agreement)

●     2027: Riyadh (Management Agreement)

-ENDS-

For further information, please contact:
Time Out Group plc	Tel: [phone]
Chris Ohlund, CEO Matt Pritchard, CFO Steven Tredget, Investor Relations Director
Liberum (Nominated Adviser and Broker)	Tel: [phone]
Andrew Godber / Edward Thomas / Josh Borlant
FTI Consulting LLP	Tel: [phone]
Edward Bridges / Fiona Walker

Notes to editors

About Time Out Group

Time Out Group is a global brand that inspires and enables people to experience the best of the city. Time Out launched in London in 1968 to help people discover the best of the city - today it is the only global brand dedicated to city life. Expert 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 open Markets in seven cities such as Lisbon, New York and Dubai, several new locations with expected opening dates in 2024 and beyond, in addition to a pipeline of further locations in advanced discussions. Time Out Group PLC, listed on AIM, is headquartered in London (UK).

About Corvin Palace

Corvin Palace is located in the heart of Budapest, at Blaha Lujza Square, overlooking one of the city's busiest intersections. It serves retail and gastronomic functions on three floors, and hotel functions on four floors, totalling over 16500 square metres. Corvin Palace was Budapest's first department store, it opened in 1926. A neoclassicist icon of the city, Corvin Palace was Eastern Europe's centre of fashion up until the beginning of World War II. It housed Budapest's first escalator, and was the first department store in the city to have electric lighting inside. The building has suffered numerous damages over the decades after World War II and has just recently been renovated, giving the city back its once famous icon.

 

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