FREY (EPA:FREY) - Frey signs a partnership with BNP Paribas REIM on its open-air shopping centre located in Portugal

Transparency directive : regulatory news

06/11/2019 17:35

PRESS RELEASE

Frey signs a partnership with BNP Paribas REIM on its open-air shopping centre
                           located in Portugal

FREY, a real estate company specialized in the development and management of
open-air shopping centres, announces the signature of an agreement with the
OPCI BNP Paribas Diversipierre, managed by BNP Paribas REIM France, regarding
the Algarve Shopping & Albufeira Retail Park shopping complex located in the
Algarve (Southern Portugal). The OPCI will acquire a 30% stake in the capital
of the company holding the shopping complex, currently 100% owned by Frey.

On this occasion, Antoine FREY, Chairman and Chief Executive Officer, said: "We
are delighted to welcome BNP Paribas Diversipierre to one of our largest assets
in the Iberian Peninsula. Acquired last July, this high-quality asset combines
a high recurring yield and a significant value creation potential through its
renovation and expansion. This partnership thus demonstrates the confidence of
a major institutional investor in open-air Retail and in our business model,
which makes Frey a recognized leader in this asset class."

Sigrid DUHAMEL, Chairman of the Management Board of BNP Paribas REIM France,
said: "This partnership with Frey allows BNP Paribas Diversipierre to integrate
a new European real estate market into its portfolio. Thanks to its strong
operational fundamentals and its potential for long-term value creation,
Algarve Shopping & Albufeira Retail Park will benefit from the skills and
know-how of our partner, a specialist in commercial real estate. This
transaction is perfectly in line with our OPCI's diversified and pan-European
strategy."

This transaction will be carried out on the same price retained in July for the
acquisition of 100% of the asset by Frey (EUR179.3 million including transfer
duties, including a deferred payment of EUR20 million at 18 months). It is
subject to customary conditions for this type of transaction and should be
completed before the end of December 2019. The asset will remain fully
consolidated in Frey's financial statements.

                                   * * *

About Algarve Shopping & Albufeira Retail Park

Located in Albufeira in the Algarve (Southern Portugal), Algarve Shopping &
Albufeira Retail Park is an open-air commercial centre with solid
fundamentals:

- an attractive shopping and leisure offer on nearly 60,000 m² with many local
  and international brands including all the Inditex group's brands (Zara,
  Pull & Bear, Berksha,...), Fnac, C&A, H&M, JD Sport, Radio Popular and
  Worten, a Continente supermarket, around twenty restaurants and a cinema and
  3,000 parking spaces;

- a net annual rental income of EUR14.3 million, an occupancy rate of 99.8% and
  a footfall of more than 7.5 million visitors each year;

- a presence in the 2nd Portuguese region due to its dynamism. The Algarve has
  an excellent performance: a demographic growth well above the national
  average (+32% against +7% over the period 1991/2011) and a low unemployment
  rate (7% against 8.2% at national level);

- an exceptional catchment area of 280,000 inhabitants within 20 minutes
  (excluding hotel nights, which can increase the catchment area to more than
  800,000 inhabitants in summer) centred on Albufeira, the new flagship seaside
  resort of Algarve, located 40 km from Faro airport (8.7 million passengers
  per year).

Opened in 2001 and expanded in 2004, Frey plans to carry out a renovation
program and implement the spirit and architectural highlights of its Shopping
Promenade concept. This first rank property has a significant value creation
through a potential 9,000 m² GLA expansion, which could reinforce the
leadership of the shopping centre.

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(r), 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

About BNP Paribas Real Estate Investment Management

BNP Paribas Real Estate is one of the largest and most effective real estate
networks in Europe. BNP Paribas Real Estate Investment Management is its
business line dedicated to investment management.
In 2018, its capital raising reached EUR 3.8bn: EUR 1.6bn new cash achieved in
funds and EUR 2.2bn in separate accounts/mandates. At the end of the year, it
managed EUR 28.7bn of assets in Europe. In 2018, a transaction volume of about
EUR 4.5bn was secured (investments and divestments).
BNP Paribas Real Estate Investment Management provides a range of funds and
tailored asset management services for international investors with mandates or
vehicles managed in Europe with a local presence in eight countries (Belgium,
France, Germany, Italy, Luxembourg, Spain, the Netherlands and United Kingdom)
investing in offices, retail, logistics, hotels and residential sector. BNP
Paribas Real Estate Investment Management has about 350 employees who provide
solutions to over 100,000 clients throughout Europe and Asia.
BNP Paribas REIM is the business line dedicated to Investment Management within
BNP Paribas Real Estate consisting of various legal entities: France: BNP
Paribas Real Estate Investment Management France (SGP); Italy: BNP Paribas Real
Estate

Investment Management Italy (SGR); Germany: BNP Paribas Real Estate Investment
Management Germany (GmbH); UK: BNP Paribas Real Estate Investment Management UK
(Limited); Luxembourg: BNP Paribas Real Estate Investment Management Luxembourg
S.A.
The respective legal entities responsible for offering clients products or
services are named in the respective product documentation, contracts and
information material.

Press contacts:
Claire LENORMAND -
Tél : +33 (0)1 55 65 22 84 Mobile : +33 (0)6 75 68 39 03 -
claire.lenormand@bnpparibas.com
Nicolas OBRIST -
Tél: +33 (0)1 55 65 21 15 Mobile: +33 (0)6 77 21 27 55 -
nicolas.obrist@bnpparibas.com
Amira TAHIROVIC -
Tél : +33 (0)1 55 65 22 08 Mobile : +33 (0)6 37 78 12 17 -
amira.tahirovic@bnpparibas.com
Laurent PAVILLON -
Tél : +33 (0)1 47 59 22 56 Mobile : +33 (0)6 03 37 47 28 -
laurent.pavillon@bnpparibas.com

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FREY (EPA:FREY) - Frey signs a partnership with BNP Paribas REIM on its open-air shopping centre located in Portugal

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