on FREY (EPA:FREY)
FREY Forms New Institutional Partnership to Enhance Capital Allocation
FREY, a key player in European open-air shopping destinations, has announced a strategic partnership exceeding €170 million with an OPPCI. The deal involves SOCIÉTÉ GÉNÉRALE ASSURANCES and CRÉDIT AGRICOLE ASSURANCES. FREY holds a majority stake, focusing on value creation for its retail assets while optimizing capital allocation and freeing shareholder equity for reinvestment in growth projects.
The partnership includes assets over 92,800 m², encompassing Promenade Cœur Picardie in Amiens, Green7 in Salaise-sur-Sanne, and BeGreen in Troyes. These sites host numerous brands and were transferred to the partnership valued at over €170 million, excluding transfer tax.
Funded by an €86.5 million 7-year mortgage from notable banks, the venture will improve FREY's balance sheet, strengthen industry ties, and allow future value-generating investments. FREY retains a 51% stake, maintaining strategic control.
R. P.
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