Half-year results 2024 : FREY rolls out its growth strategy

A focus on open-air retail assets offering the greatest potential

• Acquisition of ROS, Europe’s 4th-largest outlet operator ^([1])
• A first €100 million investment in the vibrant outlet sector in Malmö, Sweden ⁽¹⁾
• Improved portfolio average quality

Solid operating performances

• H1 2024 gross rental income: €69.4 million (+28.3%), i.e. +5.7% at constant scope (vs. H1 2023)
• Relettings and renewals: +4.7% uplift
• Financial occupancy rate^([2]): 97.7%, high and stable vs. end-2023
• Group OCR ratio ^([3]) : 8.9%

Results and NAV trending upwards

• Economic portfolio : €2.1 billion
• Revenue: €95.7 million (+35.9%)^([4])
• Profit from recurring operations: €55.7 million (+30.8%) ⁽³⁾
• Net income Group share: €46.5 million (+27.0%)⁽³⁾
• EPRA NAV NTA: €1,043.6 million (+0.9%)⁽⁴⁾ or €32.8 per share (+0.6%)⁽⁴⁾

Balance sheet geared towards a strategy aimed at creating Europe’s #1 in open-air shopping destinations

• €400 million in new financing raised in June 2024, thus extending the debt maturity profile
• LTV ratio (including transfer tax): 42.6%, consistent with the medium-term target (of below 45%)
• Available liquidity: €300.6 million ⁽⁵⁾
•  

Antoine Frey, Chairman and Chief Executive Officer of FREY, made the following statement: “By deploying a strategy aimed at building up positions in Europe’s finest open-air shopping destinations and taking an active approach to managing our portfolio, we have been able to maintain positive momentum through both organic and external growth. We have added yet another lever to our development by moving into the flourishing outlet market. FREY enjoys the confidence of its partners and regular access to the capital markets (equity and debt financing) and is therefore in a prime position to fulfil its ambition of becoming Europe’s leading operator of open-air shopping destinations. With its assets under management now exceeding €3 billion, FREY also plans to pursue an exacting ESG policy and thus continue improving its non-financial performances apace, in keeping with its DNA as a mission-driven real estate company and its B Corp certification”.

Read the press release

([1]) Made in July 2024

([2]) At 30 June 2024, the vacancy rate calculated based on EPRA (European Public Real Estate Association) Best Practices Recommendations stood at 2.3%

([3]) Rolling 12 months/FREY Group scope (France, Spain and Portugal). France scope: 9,0%..

([4]) Change vs. 30/06/2023

(4) Change vs. 31/12/2023

(5) €100.6 m in cash, investments and €200,0m in corporate credit lines