Success of the capital increase

FREY raises €99.9 million to finance its portfolio of projects Change in composition of the Board of Directors.

FREY (Euronext Paris: FREY – ISIN FR0010588079), the property development and investment company specialising in open-air shopping centres, today announced the success of its capital increase in cash with maintenance of the preferential subscription right for shareholders (AMF approval No. 17-162 of 13 April 2017).
Antoine Frey, Chairman and Chief Executive Officer, stated: “I would like to thank the shareholders, both old and new, for the confidence they have shown in the company’s ambitious growth strategy.

The diversity of Frey’s shareholders, from both entrepreneurial and institutional backgrounds, is proof of the Group’s vitality and resilience.
The success of this operation will make it possible to raise the necessary equity to finance the extensive portfolio of projects under development, including two major redevelopment projects for out-of-town retail areas in Strasbourg and Montpellier, and the rollout of Shopping Promenade. This new generation of open-air shopping centres offers consumers places for living and shopping conducive to an “enhanced” human experience, responding to the need to regenerate the outskirts of towns and cities, and offering brands an alternative form of development, with capped rents and charges.”