FREY (EPA:FREY) - STRENGTHENING IN THE FREY RETAIL FUND: FREY EXPANDS ITS OPEN-AIR SHOPPING CENTER PORTFOLIO

Transparency directive : regulatory news

28/07/2020 17:45

Press release

Bezannes, July, 28, 2020

STRENGTHENING IN THE FREY RETAIL FUND: FREY EXPANDS ITS OPEN-AIR SHOPPING
CENTER PORTFOLIO

Frey, a real estate company specialising in open-air shopping centres, today
announced the acquisition of AG Real Estate's stake in the Frey Retail Fund 2
(FRF 2) investment vehicle, thereby becoming the majority shareholder in FRF,
alongside its long-standing partner Crédit Agricole Assurances(1). This
strategic transaction enables Frey to strengthen its position in high quality
assets known to the company and offering solid performances.

The FRF 2 portfolio consists mainly of 4 prime open-air shopping centres in
Belfort, Cormontreuil, Dechy and Torcy (70,000 sqm in total), and 7 smaller
assets located in leading sites in their catchment areas. Valued at EUR184
million excluding duties at 30 June 2020, the portfolio's assets show solid
fundamentals: high occupancy rate, attractive rent for the tenants and a net
yield (including duties) of 6.7% at 30 June 2020.

The transaction will be paid by the delivery of 650,000 Frey shares held in
treasury stock and a cash payment of EUR20.2 million(2) financed from the
company's own resources. Following the transaction, AG Real Estate's total
stake in FREY will increase from 10.0% at 30 June 2020 to approximately 12.7%.
AG Real Estate has sign an undertaking to retain the 650 000 FREY shares for a
period of 6 months following the date of completion of the transaction.

Following the transaction, the Frey Retail Fund will be fully consolidated in
Frey's financial statements.

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:
Sébastien Eymard - Deputy Chief Executive Officer
Emmanuel La Fonta - Chief Financial Officer and Human Resources
Mathieu Mollière - Director of Communications, Marketing and Innovation -
Tel.: + 33 (0)3 51 00 50 50
Agnès Villeret - Investor relations and financial press
KOMODO - agnes.villeret@agence-komodo.com - Tel.: 06 83 28 04 15
Victoire Birembaux - Corporate press relations

(1) Frey now owns 62% of FRF 2 and 67% of FRF 1.
(2) This amount may be adjusted upwards or downwards depending on FREY's
half-year financial statements at 30 June 2020.

Agence Première - victoire.birembaux@agencepremiere.com -
Tel.: +33 (0)6 67 40 02 60

About AG Real Estate
AG Real Estate, a wholly-owned subsidiary of AG Insurance, is an integrated
property operator active in Belgium, France, Luxembourg and on certain select
European markets with expertise in different lines of business: Asset &
Property Management, Development & Construction Management, PPP and real estate
financing, as well as in Car Park Management through its subsidiary
Interparking.
A company active in urban real estate, AG Real Estate has more than 250
employees with varied profiles and areas of expertise. With a portfolio of more
than EUR6.5 billion under management for its own account and on behalf of third
parties, AG Real Estate is endeavouring to provide a responsible response to
new urban needs and to implement a sustainable development policy as to make
its projects even more meaningful.
More information on www.agrealestate.eu

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FREY (EPA:FREY) - STRENGTHENING IN THE FREY RETAIL FUND: FREY EXPANDS ITS OPEN-AIR SHOPPING CENTER PORTFOLIO

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