02/28/2024 Company life

Annual results 2023 : FREY achieves another record year

Major achievements under the strategic plan 

Acquisition of the largest open-air shopping centre in France: Polygone Riviera

Expansion in Europe with the opening of a 4th country: Poland

Opening of the largest gastronomic and cultural hall in Europe in St Ouen

First city entrance transformation project (“Repenser la Ville” with the Caisse des Dépôts group):

Montigny-lès-Cormeilles leading to the construction of 900 housing units


Excellent operational performances from the first open-air multi-national retail hub

Economic portfolio: €2.1 billion (+21.9%) (-0.8% like-for-like)

Annualised rents Group share: €133.8 million (+33.7%) (+4.4% like-for-like)

Uplift on reletting and renewals: +6.3%

Financial occupancy rate: 97.7%

Group OCR ratio: 8.9%

Cap rate incl. transfer tax: 6.4% (+40 bps)


Record 2023 results

Rental income: €113.5 million (+24.0%)

Profit from recurring operations: €84.2 million (+34.1%)

EPRA NAV NTA: €32.6/share (-1.5% and +1.5% excl. impact of the Capital Increase)

Proposed 2023 dividend: €1.80/share (+5.9%) fully in cash


Reinforced financial structure

Capital increase of €97.1m in December 2023

LTV ratio incl. transfer tax: 41.0%

Available liquidity: €378.0 million

Financing raised: €375.0 million

Optimised cost of debt: 2.37%

IR hedging ratio: 96.5%, 98% on average until 2028


Antoine Frey, Chairman and Chief Executive Officer of FREY, said: “Against a backdrop of a real-estate market in crisis, FREY’s excellent performance demonstrates more than ever the relevance of its model, which combines robust real-estate value with recurring profitability. The Group’s strategy is reinforcing a property company with unique assets – the acquisitions of Polygone Riviera in France and Matarnia Park Handlowy in Poland are the perfect illustration of this. FREY can once again reassert its aim to become the European leader in open-air retail. FREY will continue to implement its long-term growth strategy, focusing on revitalising retail parks in France while strengthening its positioning on the best open-air centres, continued development in France and Europe via opportunistic acquisitions, the gradual increase in the density of its existing sites and controlled development opportunities. FREY has secured resources to implement this strategic plan and pursue steady growth.”


Read the press release

Upload the slideshow presentation

Other news


FREY and Banque des Territoires sign a new partnership for project of the Docks de St-Ouen



FREY announces the success of its rights issue for an amount of approximately €97.1 million



FREY closes the acquisition of Polygone Riviera for €272.3 million

Assets life