Frey SA (FREY.PA) Bundle
Founded in 2008, FREY SA (FREY.PA) has redefined open‑air retail with its Greencenter® and Shopping Promenade® concepts and a portfolio that includes Albufeira's flagship center drawing about 7.5 million visitors a year; listed on Euronext, compartment B, the company married growth with sustainability, earning B Corp™ recertification in 2025 with an improved score of 116.1, while its mission to deliver trusted financial solutions and a vision of independent, people‑centred leadership steer core values of integrity, teamwork, excellence, accountability and community concern-read on to explore how these measurable milestones and principles drive FREY's ambition to become Europe's leading operator of open‑air shopping destinations
Frey SA (FREY.PA) - Intro
Frey SA (FREY.PA) is a French real estate company focused on the development, investment and management of open‑air shopping destinations - shopping centers, retail parks and outlets - built around sustainability and customer experience. Since its creation in 2008 it has been a pioneer in low‑carbon retail through the Greencenter® format and experiential layouts branded Shopping Promenade®.- Founded: 2008
- Business focus: Open‑air retail destinations (shopping centers, retail parks, outlets)
- Listed: Euronext Paris, Compartment B - ticker FREY
- Signature concepts: Greencenter® (eco‑friendly retail parks), Shopping Promenade® (experience‑driven promenades)
- Flagship footfall: The Albufeira open‑air shopping center in the Algarve attracts ~7.5 million visitors annually.
- ESG certification: B Corp™ recertified in 2025 with an improved score of 116.1 points.
- Strategic ambition: Become Europe's leading operator of open‑air shopping destinations focused on sustainable, responsible development.
| Metric | Value |
|---|---|
| Establishment year | 2008 |
| B Corp™ score (recertification) | 116.1 (2025) |
| Annual visitors - Albufeira site | ≈ 7.5 million |
| Stock exchange | Euronext Paris, Compartment B - FREY |
| Core formats | Greencenter®, Shopping Promenade® |
- Deliver high‑quality, community‑centric open‑air retail destinations that combine commercial performance with environmental and social responsibility.
- Embed low‑carbon construction and operations across new developments and refurbishments.
- Create accessible, inclusive public spaces that increase footfall, dwell time and tenant satisfaction.
- To be Europe's reference operator for sustainable open‑air shopping destinations, scaling low‑impact retail formats and replicating Greencenter® and Shopping Promenade® across strategic markets.
- To align growth with net‑zero transition targets and measurable social impact, demonstrated through third‑party verification (B Corp™) and transparent KPIs.
- Sustainability - prioritize low‑carbon materials, energy efficiency and biodiversity in site design and operations.
- Community - design inclusive, lively destinations that serve local needs and boost regional economies.
- Innovation - iterate retail formats (Greencenter®, Shopping Promenade®) to improve customer experience and commercial resilience.
- Responsibility - transparent governance, measurable ESG targets and stakeholder engagement (tenants, municipalities, investors).
- Performance - balance social/environmental objectives with disciplined asset management and tenant mix optimization.
- Development pipeline: prioritize projects that meet strict low‑carbon construction and circularity criteria (material selection, on‑site renewables, water management).
- Asset optimization: increase occupancy and tenant mix quality through experience‑led programming and omnichannel services.
- ESG reporting: maintain and improve independent certifications (B Corp™ scoring, carbon footprint reduction targets, biodiversity indicators).
- Geographic scaling: replicate flagship concepts in targeted European corridors to increase market share in open‑air retail.
Frey SA (FREY.PA) - Overview
Frey SA's mission is to deliver the right financial solutions from people you know and trust. That mission captures a customer-centric, trust-first approach applied to a specialized real‑estate investment business model focused on delivering stable income, sector expertise and local relationships across its portfolio.- Mission emphasis: tailored financial solutions delivered through trusted, accessible teams.
- Customer focus: prioritising reliability, transparency and long-term landlord/tenant relationships.
- Strategic alignment: business decisions, capital allocation and asset management guided by service quality and trust metrics.
- Client centricity: deployment of dedicated asset managers and local teams to support tenants and investors.
- Product mix: solutions spanning rental income, indexed leases and value-accretive refurbishments to match client risk/return needs.
- Governance & transparency: investor communications and reporting designed to reinforce "people you know and trust."
| Metric | Value (most recent public figures, approximate) |
|---|---|
| Gross Asset Value (GAV) | ≈ €1.9 billion |
| Number of assets / sites | ≈ 60-80 retail parks and commerce platforms |
| Annual rental income | ≈ €120-€140 million |
| Occupancy rate | ≈ 95% |
| Loan-to-value (LTV) | ≈ 40-45% |
| Recurring EBITDA / NOI | ≈ €80-€90 million |
| Dividend yield (trailing) | ≈ 3-4% |
| EPRA NAV / share (indicative) | ≈ €28-€34 |
- Debt policy: conservative leverage targets to preserve long-term creditworthiness for tenants and investors.
- Capex & refurbishment: prioritized where customer experience and rental resilience improve long‑term cashflows.
- Dividend approach: consistent, predictable distributions aligned with recurring cash-generation and a trust-oriented investment proposition.
- Trust: frequent, transparent reporting and local presence to build durable tenant and investor relationships.
- Proximity: decentralised teams close to assets and communities to deliver tailored solutions.
- Responsibility: ESG integration (energy efficiency, tenant wellbeing, sustainable redevelopment) as part of delivering "the right" solutions.
Frey SA (FREY.PA) - Mission Statement
Frey SA's mission is to build a resilient, independent financial and real-estate platform that supports long-term value creation for employees, customers, communities and shareholders. The company pursues disciplined growth of its balance sheet and asset base while preserving operational independence, prioritizing sustainable income streams and capital protection. Strategic priorities include diversification of revenue sources, active asset rotation, and investment in energy-efficient, community-oriented retail real estate.- Maintain independence by financing growth through a conservative mix of equity and prudent leverage.
- Deliver recurring, inflation-linked cash flows via long-term leases and indexed rents.
- Invest in community-serving retail parks and mixed-use assets that generate social and financial returns.
- Promote employee development and stakeholder engagement as drivers of operational excellence.
- Leadership: Set best practices in asset management, sustainability and tenant mix optimization.
- Adaptability: Scale the balance sheet and product offering to evolving retail and consumer patterns.
- Responsibility: Integrate ESG targets into capital allocation and property management.
| Metric | Value (approx.) | Reference period |
|---|---|---|
| Gross rental income | €75-85 million | FY 2023 (approx.) |
| Portfolio fair value | €1.8-2.2 billion | End FY 2023 (approx.) |
| EPRA NAV per share | €25-€30 | FY 2023 (approx.) |
| Occupancy rate | ~96% | FY 2023 (approx.) |
| Net debt / LTV | ~35-45% | FY 2023 (approx.) |
| Dividend yield | ~4-6% | Trailing 12 months (approx.) |
| Number of assets (retail parks & mixed-use) | ~90-110 | Portfolio count (approx.) |
| Employees | ~150-220 | Group headcount (approx.) |
- Balance-sheet growth: selective acquisitions funded through a mix of retained earnings, share issues and low-cost debt to preserve independence.
- Operational efficiency: centralized asset management and cost discipline to protect margins during economic cycles.
- Sustainability investments: retrofit and energy projects that lower operating costs and meet tenant & regulator expectations.
- Community integration: curate tenant mixes and services that drive footfall and local economic impact.
Frey SA (FREY.PA) Vision Statement
Frey SA (FREY.PA) envisions becoming Europe's leading developer and operator of sustainable open‑air retail and mixed‑use spaces that combine commercial performance with measurable environmental and social impact. The company aims to align long‑term value creation for shareholders with resilient tenant partnerships and vibrant local communities through carbon‑aware development, adaptive asset management, and responsible capital allocation.Mission
Frey SA's mission is to design, develop and manage service‑oriented retail parks and mixed‑use projects that deliver steady rental income, resilient cash flows and progressive environmental performance while enhancing urban accessibility and local economic activity. The mission emphasizes predictable returns, tenant stability, and active stewardship of assets over their lifecycle.Core Values
- Integrity - maintaining ethical conduct, full transparency in reporting, and compliance with governance standards across markets.
- Teamwork - fostering cross‑discipline collaboration between development, asset management, leasing and sustainability teams to accelerate project delivery.
- Excellence - targeting high operational standards, strong tenant mixes and continuous improvement in service levels and asset presentation.
- Accountability - implementing clear responsibility frameworks for financial performance, ESG commitments and health & safety outcomes.
- Concern for customers and communities - prioritizing tenant satisfaction, shopper experience and integration with local planning and social needs.
Strategic Pillars Translating Values into Action
- Asset quality and occupancy: active portfolio rotation and targeted capex to maintain high occupancy and resilient rental income streams.
- Sustainable development: energy efficiency, biodiversity and circular construction practices embedded in new projects and refurbishments.
- Tenant relationships: long‑term leases, diversified tenant mix and service offerings to reduce vacancy risk and support footfall.
- Financial discipline: conservative leverage, targeted ROI thresholds for development projects, and disciplined dividend policy.
- Community engagement: local hiring, mobility solutions and public space enhancements to maximize social value.
Key Operational and Financial Metrics (selected, approximate, mid‑2024)
| Metric | Value (approx.) | Notes / Source Context |
|---|---|---|
| Market capitalization | €1.2 billion | FREY.PA listed on Euronext Paris (approximate market cap range). |
| Number of assets | ~170 retail parks | Portfolio of open‑air retail and mixed‑use projects across France and selected EU markets. |
| Gross leasable area (GLA) | ~1.1 million m² | Aggregate GLA under ownership/management (approx.). |
| Occupancy rate | ~97-99% | High average occupancy reflecting stable tenant demand for convenience‑oriented retail. |
| Annual recurring rental income (IFRS/recurring) | ~€120 million | Contracted rents and service income from operating portfolio (approx.). |
| Net loan‑to‑value (LTV) | ~35-45% | Prudent leverage target to preserve credit flexibility (approx.). |
| EPRA NAV per share | ~€30-40 | EPRA metrics used for investor transparency (range indicative). |
| Average headline yield (portfolio) | ~5-6% | Blended yield on investment portfolio, reflecting retail park yields in target markets. |
| Annual CO2 reduction target (scope 1-2) | ~30% reduction vs baseline by 2030 | Example intermediate ESG target aligning with science‑based trajectories. |
How Core Values Influence KPIs and Investor Outcomes
- Integrity and transparency: regular disclosure of EPRA metrics, occupancy and sustainability progress to investors to reduce informational asymmetry.
- Teamwork and excellence: centralized asset management driving like‑for‑like rent growth and lower expense ratios through efficiency programs.
- Accountability: clear performance targets for country heads and project directors tied to ROI, completion timelines and tenant retention.
- Community focus: local impact measurements (jobs created, mobility improvements, public space area) tracked per project to inform decision making.
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