HORIZON 2030: FREY COMMITS TO INVESTING EUR35M IN THE FRENCH TIMBER INDUSTRY
AND AIMS FOR CARBON NEUTRALITY
Since its creation, FREY has established itself as one of the most innovative
players in real estate. As a pioneer of environmental retail parks in 2008 with
its Greencenter(r) concept, the group has since followed a responsible path
with sustainable development as a key marker of its projects, both in
development and asset management.
Now FREY is stepping up this commitment. Through an inclusive approach, under
the joint impetus of its employees and by involving all its stakeholders
(brands, companies, local authorities and the general public), the group is
affirming its CSR strategy:
- by helping to boost the French timber industry through the acquisition and
exploitation of sustainably managed forests in France;
- by reinforcing the low-carbon nature of its model, from construction to asset
- by being the first French real estate company to publish its Carbon-weighted
Net Profit Group Share(1), to quantify the financial impact of its carbon
footprint on its profitability.
In time, this innovative climate contribution strategy should enable FREY to
achieve carbon neutrality by 2030.
FREY COMMITS TO THE FRENCH TIMBER INDUSTRY
Forestry is a leading suppliers of biosourced materials. To support its
low-carbon strategy and renew its construction model, FREY has therefore
decided to acquire and operate sustainably managed forests in France. The
principle of a EUR35 million budget has been approved by the Group's Board of
Directors to support its strategic plan "Horizon 2030".
Frey launched its own forestry group, FoREY(r) and on 4 June became the latest
owner and operator of an initial 104-hectare forest located in Côte d'Or, in
Messigny and Vantoux. Further acquisitions are planned in the coming months.
In time, FREY hopes to secure its timber supply, to feed its pipeline of
projects, and to contribute to boost the French timber industry by providing it
with a certified quality raw material.
REINFORCEMENT OF THE GROUP'S LOW-CARBON MODEL/ REDUCING the Group's carbon
(1) Net income attributable to the owners of the company minus FREY Group's
While timber, via the acquisition and exploitation of forests, constitutes the
key pillar of Frey' climate contribution and of this ambitious and proactive
zero-carbon approach, , the low-carbon nature of FREY's entire business model
lies at the heart of its environmental strategy.
After having determined its carbon footprint(1) for 2019 (275,887 T eq/C02 -
carbon footprint established by EcoAct(2)),the Group has taken decisions that
impact all its business lines:
- as a developer: by tackling the construction model through the use of mostly
bio-sourced materials, including construction timber, challenging solutions and
optimizing volumes under construction;
- as a lessor: by optimising its tenants' best practices, particularly with
regard to energy consumption (for example, by setting up green leases requiring
the sole use of LED lighting and the purchase of renewable energy sources);
- as a real estate company: by giving serious thought to the renovation of its
assets, a key issue in combating climate change, and by tackling the main
source of C02 emissions weighing on its carbon footprint: customers' car trips
to come to its sites (in particular by accelerating the equipping of its car
parks with quick charge stations to accompany the shift towards hybrid and
FREY: 1st FRENCH REAL ESTATE COMPANY TO PUBLISH A CARBON-WEIGHTED NET PROFIT
For the first time, on the occasion of its 2019 annual results, on 9 March
2020, FREY published its carbon-weighted Net Profit Group Share. Frey is
therefore the first French real estate company to quantify the financial impact
of its carbon footprint on its profitability and to publish this audited
extra-financial indicator. The Group's 2019 Carbon-weighted Net Profit Group
Share is EUR42.8 million (i.e. a 2019 Net Profit Group Share of EUR49.7 million
minus a carbon charge of EUR6.9 million(3)). This carbon charge is set to
become an annual CSR benchmark indicator for the Group, in order to measure the
For FREY, the goal is clear: to reduce this impact to zero EUR and achieve
carbon neutrality by 2030.
This unprecedented and voluntary initiative is a strong signal and a concrete
motivation for employees and external stakeholders to support the Frey's
low-carbon strategy and make it operational. To steer it, FREY has appointed a
Strategic Committee composed of Board members - Nathalie Robin (BNP Paribas
Cardif), François Lemarchand (founder of Nature & Découvertes) and Antoine
Frey - and representatives of the French timber industry - Michel Veillon
(Chief Executive Officer of Ossabois) and Ghislain de La Selle (forestry
"We are pleased to announce today the acquisition of our first forest and we
are proud to state the "raison d'être" of our Group, the one that motivates
all our employees on a daily basis: the creation of positive interactions
between human beings in a low-carbon city," said Antoine Frey, Chairman and
Chief Executive Officer.
(1) Scopes 1, 2 and 3.
(2) FREY 2019 carbon footprint modelled by EcoAct and audited by Grant Thornton
France in its capacity as as a CSR auditor.
(3) i.e. the carbon charge corresponding to the Group's total annual emissions
multiplied by a carbon price of EUR25 per tonne (at market value).
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 - Mnemo:
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