FREY (EPA:FREY) - FREY CONFIRMS THE OUTPERFORMANCE OF ITS OPEN-AIR SHOPPING CENTRES

Transparency directive : regulatory news

27/09/2018 08:00

Press release
Bezannes, 27 September 2018 - 8.00 am

       FREY CONFIRMS THE OUTPERFORMANCE OF ITS OPEN-AIR SHOPPING CENTRES

        Tenants sales: +3.3% (+290bp compared to the French market(1))
           Footfall: +3.1% (+430bp compared to the French market(1))

                        EPRA occupancy rate(2) : 95.8%
             "like-for-like" growth of annualised rents(3) : +2.2%

The inherent qualities of FREY's open-air shopping centres - attractive and
lively places for customers, and an extremely competitive occupancy cost ratio
(OCR) for retailers - have once again enabled the French REIT to record
top-level operating performance, significantly outperforming shopping centres'
benchmark at France's level.

As at 30 June 2018 and over a rolling 12-month period, the sales posted by
retailers in FREY's real estate portfolio increase by 3.3% (compared with a
0.4% increase in sales of specialised retailers in France(1)). Accordingly,
while shopping centre footfall declined by 1.2% in France over the same
period(1), FREY records a 3.1% increase in footfall on its properties.

Other KPIs highlighting the strength of FREY's business model and the
outperformance of its portfolio: an EPRA  occupancy rate(2) of 95.8% as at 30
June 2018, an increase of 130 basis points over a 6-month period, as well as
like-for-like growth of annualised rents of 2.2% over the same period (and +22%
taking into account perimeter changes).

Antoine FREY, CEO of FREY, declares: the excellent performance of our
properties and, behind that, the satisfaction of both customers and retailers,
position FREY, more than ever, as one of the leading players in the
transformation of retail property in France. "

FREY clearly offers retailers an excellent proposal to their multi-channel
transformation with its Shopping Promenade(r):

- a "flagship" store fitting perfectly with customers' new aspirations (a
  magnified setting and enhanced experience) through which the brand could
  differentiated positioning,

- an ideal supply chain place to support their multi-channel strategy (sites
  offering optimal location and accessibility, as well as a large unit size
  that also creates ideal conditions to store and manage last-kilometre
  delivery).

Shopping Promenade Coeur Picardie in Amiens

(1) Sources: CNCC (National Council of Shopping Centres) Index for French
market data (changes over a 12-month period at 30 June 2018) - FREY: change
over a 12-month period at 30 June 2018 on French 100%-owned assets.
(2) EPRA occupancy rate calculated on assets delivered for more than one year
and excluding strategic restructuring. The rate was 94.5% as at 31 December
2017.
(3) Growth in annualised economic rents between 31 December 2017 and 30 June
2018 excluding changes in scope (acquisitions, disposals and deliveries).

As a reminder, growth in invoiced rents at constant scope of consolidation of
100%-owned assets amounted to +5.9% between 30 June 2017 and 30 June 2018, as
reported in the press release dated 20 September 2018.

About FREY

FREY is a property investment company (French REIT) specialising in major urban
renewal operations and the development and operation of open-air shopping
centres. Its Shopping Promenade(r) offer a complete offer combining shopping
and leisure, to create an "enhanced experience" for all the family. Through its
unique expertise, FREY has become a recognised French leader in this resilient
asset class, in the deep market (creation, extension, renovation) and  in
perfect harmony with the expectations of consumers, retailers and communities.
FREY is listed on compartment B of Euronext Paris. ISIN: FR0010588079 - Mnemo:
FREY

CONTACTS:
Antoine Frey - CEO
Mathieu Mollière - Director of Communication, Marketing and Innovation -
Tel.: 03 51 00 50 50
Agnès Villeret - Investor relations and financial press
KOMODO - agnes.villeret@agence-komodo.com - Tel.: 06 83 28 04 15

        French limited company (société anonyme) with share capital of
           EUR47,104,162.50 - 1, rue René Cassin - 51430 Bezannes -
                            Reims Trade & Companies
                            Register no. 398 248 591
                 For more information, see our website: frey.fr

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