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Frey finalises the sale to BNP Paribas REIM acting for BNP Paribas Diversipierre fund of a 30% stake in its outdoor commercial complex located in Portugal

FREY, a real estate company specialising in the development and management of open-air shopping centres, announces that it has today finalised the sale of a 30% stake in the capital of the company holding the Algarve Shopping & Albufeira Retail Park shopping complex located in southern Portugal to the BNP Paribas Diversipierre OPCI, managed by BNP Paribas REIM France. This transaction, announced on November 6, 2019, has obtained all the necessary authorizations.

Opened in 2001 and expanded in 2004, the site will be renovated and will benefit from the spirit and architectural highlights of Frey's Shopping Promenade concept. This first rank property has a potential 9,000 m² GLA 9,000 m² GLA expansion, which could reinforce the leadership of the shopping centre.

 

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About Algarve Shopping & Albufeira Retail Park

  • Location: Albufeira, Algarve in southern Portugal
  • Surface area: 60,000 m² in the heart of an exceptional catchment area of 280,000 inhabitants less than 20 minutes away (more than 800,000 inhabitants in summer)
  • Shopping & leisure offer: Zara, Pull & Bear, Berksha, Fnac, C&A, H&M, JD Sport, Radio Popular, Worten (...), a Continental supermarket, around twenty restaurants, a cinema and 3,000 parking spaces
  • Key figures:
    • Net annual rental income: €14.3 million
    • Occupancy rate: 99.8%.
    • Footfall: 7.5 million visitors each year

 

About FREY

A planner, developer, investor and manager, FREY is a real estate company specialising in major urban renewal operations as well as the development and operation of open-air shopping centres. Its Shopping Promenade®, an open-air shopping centre, offers a complete range of shopping and leisure activities to create an "enhanced experience" for the whole family. Thanks to its unique expertise, Frey has become a recognised French leader in this resilient asset class, with a deep market (creation, extension, renovation) and in perfect harmony with the expectations of consumers, brands and local authorities. Another structuring pillar of FREY's know-how is the large mixed urban projects, which it develops with the support of its dedicated subsidiary CITIZERS. Frey is listed on compartment B of Euronext Paris. ISIN: FR0010588079 - Mnemo: FREY.

 

CONTACTS

Mathieu Mollière - Director of Communication, Marketing and Innovation

Agnès Villeret - Investor relations and financial press relations - KOMODO - agnes.villeret@agence-komodo.com - Tel. 06 83 28 04 15