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.”