sur FREY (EPA:FREY)
FREY Rolls Out its Growth Strategy with Strategic Acquisitions and Strong Financial Performance
On July 25, 2024, FREY announced its 2024 half-year results, showcasing a strategic focus on expanding its portfolio of open-air retail assets. Notably, FREY acquired ROS, one of Europe's largest outlet operators, and made its first €100 million investment in the outlet sector in Malmö, Sweden.
The company reported solid financial performance with a gross rental income of €69.4 million, a 28.3% increase compared to the same period in 2023. The financial occupancy rate remained stable at 97.7%. Notably, the economic portfolio value soared to €2.1 billion with revenues of €95.7 million, marking a 35.9% increase.
FREY also secured €400 million in new financing, extending its debt maturity profile and strengthening its liquidity to €300.6 million. The company aims to become Europe’s leading operator of open-air shopping destinations, leveraging organic and external growth strategies.
Antoine Frey, Chairman and CEO, emphasized the company's commitment to ESG goals and its ambition to maintain strong non-financial performance, as evidenced by their B Corp certification.
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