FREY develops in Spainan open-air shopping centrein partnership with
FREY (ISIN: FR0010588079) announces that it has signed today with Eurofund
Group, a developer specialising in new generation shopping centres, an
agreement to acquire a 70% stake in the investment company that is developing
an authorised open air shopping centre project in Lleida, Catalonia.
On this occasion, Antoine FREY, Chairman and CEO, said: " We are pleased to
announce today the launch of our first Spanish Shopping Promenade. With
Eurofund, we have found a first rank and attentive partner to develop a project
that perfectly meets the current aspirations of retailers and visitors. After
the acquisition of Parc Vallès near Barcelona in early 2018, this transaction
perfectly illustrates our Group's strategy to develop, in France and abroad, a
high-quality, secured and highly profitable portfolio ".
Located halfway between Barcelona and Zaragoza and a stone's throw from
Andorra, the Shopping Promenade of Lleida will benefit from a deep (300,000
inhabitants within 30 minutes) and high-quality catchment area (unemployment
rate at 8.6% much lower than the average in Spain and Catalonia) in a context
of low competitive intensity (province with the lowest commercial equipment
rate in Spain).
The final project, upgraded by Frey's expertise, will propose a 56,000 m2
shopping and leisure offer with a mix of leading local and international
brands, a hypermarket operated by Bonpreu, a multiplex cinema with 1,000 seats
and over 3,000 parking spaces. The building of the site is expected to start in
the course of 2020 for an opening in early 2023.
This project represents an investment of approximately EUR120 million in total
with a 7.25% estimated yield of cost. The transaction will be financed from
FREY's own funds and will be fully consolidated.
The payment at closing to Eurofund is EUR7 million and will completed by
different earn outs based on the level of preletting of the site.
Project perspectives by Broadway Malyan (architects)
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
Frey is listed on compartment B of Euronext Paris. ISIN: FR0010588079 -
Mathieu Mollière - Director of Communications, Marketing and Innovation -
Tel.: + 33 (0)3 51 00 50 50
Agnès Villeret - Investor relations and financial press KOMODO -
email@example.com - Tel.: + 33 (0)6 83 28 04 15
About Eurofund Group
Eurofund Group is a property investor and developer specialized in Shopping
Centre developments and repositioning. Eurofund Group created the Shopping
Resort concept with the development of Puerto Venecia, Zaragoza, which opened
in 2012 as Europe´s largest shopping destination and was voted "Best shopping
and leisure centre in the world" at the 2013 Mapic awards. The group is also
investing in Logistics, Co-Living and expanding its activity out of the Iberian
Peninsula with its first project to develop an urban shopping resort in Italy.