07/27/2023 Finance & results

FREY posts excellent half-year results and is preparing to seize opportunities

1st open-air shopping platform with solid fundamentals

  • Economic portfolio: €1.7 billion (+0.2% like-for-like)
  • Annualised rents Group share: €101.2 million (+3.6% like-for-like)
  • Financial occupancy rate ([1]): 98.0% (stable)
  • H1 2023 collection rate ([2]): 97.6%
  • Group OCR ([3]): 8.3%  
  • Growth in tenants’ sales ([4]): +5.5%


1st project in the innovative partnership with the Caisse des Dépôts Group ([5])

  • Montigny-lès-Cormeilles in the second retail zone of France ([6]): 55,000,000 visitors/year
  • Program: 24,000 m2 of shops, restaurants, activities and services
  • 900 new housing dwellings


Excellent operating performance

  • Rental income: €54.1 million (+28.3% vs. H1 2022)
  • Profit from recurring operations: €42.6 million (+41.5% vs. H1 2022)
  • Net income Group share: €36.6 million
  • EPRA NAV NDV ([7]): €34.7/share (-0.9% vs. end-2022 and +5.5% vs. H1 2022)


Solid financial structure

  • Optimised cost of debt: 2.0%
  • Debt hedging rate of more than 95% over the next 5 years
  • Financing raised: €210 million
  • LTV ratio: 39.9% (38.9% end-2022)
  • Available liquidity ([8]): €287.0 million increased to €417.0 million after the end of the period.


“In the current uncertain context, the excellent H1 performances demonstrate once again the relevance of FREY’s unique portfolio, combining robust property value and recurring profitability. FREY continues to execute its strategic plan and is securing the financial resources to seize new opportunities that will inevitably arise in current market. FREY is reiterating more than ever its aim to become the European leader in sustainable retail.” Antoine Frey, Chairman and Chief Executive Officer of FREY.


Read the press release


([1]) At 30 June 2023, the vacancy rate calculated in accordance with the EPRA Best Practices Recommendations (European Public Real Estate Association) stood at 2.0%.

([2]) Charged rents collected relative to charged rents invoiced.

([3]) Rolling 12 months/FREY Group scope (France, Spain and Portugal). France scope: 8.2%.

([4]) Retailer sales from January to June 2023, Groupe FREY scope (France, Spain and Portugal), changes vs. comparable periods in 2022.

([5]) FREY, with La Banque des Territoires and CDC Habitat, has created a vehicle to carry commercial assets and consolidate land.

([6]) Source: Data Stories #4 MyTraffic 2023 – number of visitors in 2022.

([7]) Calculated according to the standard developed and published by the EPRA.

([8]) €147.0m in cash and €140.0m in corporate credit lines.

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