Frey enters German market with €230m acquisition

European open-air shopping operator Frey has entered the German market by acquiring Designer Outlet Berlin for €230 mln.

Designer Outlet Berlin - Frey

This acquisition, a key step in Frey's European expansion, adds a high-performing outlet centre to its portfolio. 
Ranked 21st in Europe and 2nd in Germany by Ecostra1, Designer Outlet Berlin is a key player in the outlet market. 
Its strong performance is driven by 2.7 million annual visitors, a mix of 100 international brands (including Polo Ralph Lauren, Adidas, and Tommy Hilfiger), a 98% occupancy rate, and a strategic location west of Berlin, near Potsdam.
Designer Outlet Berlin generates €18.1 mln in operating profit, boasts 21,169 m2 of retail space, and parking for 3,000 vehicles. 
The Berlin outlet will be managed by Frey's subsidiary ROS Retail Outlet Shopping.
Antoine Frey, chairman and CEO of Frey, stated: Designer Outlet Berlin is an exceptional site, supported by experienced teams. We are proud to soon bring Frey’s DNA to it: open-air, friendly, and sustainable places designed for consumers. Designer Outlet Berlin offers retailers both operational excellence and a strong platform for brand expression, in a beautiful setting. We are committed to continuing this momentum by bringing our bold vision of retail centred on customer experience, value creation, and environmental transition."
Germany thus becomes Frey’s fifth European market, adding to its presence in France, Spain, Portugal, and Poland. Frey's portfolio now comprises 20 assets valued at over €2.3 bn.