Frey forms €170m institutional retail partnership

European open-air shopping developer Frey has formed a new institutional partnership valued at over €170 mln. 

Shopping Promenade Coeur Picardie

This partnership includes Société Générale Assurances and Crédit Agricole Assurances, with Frey holding a majority 51% stake.
This strategic move allows Frey to optimise its capital by selling a portfolio of three mature retail assets—Shopping Promenade Cœur Picardie (Amiens), Green7 (Salaise-sur-Sanne), and BeGreen (Troyes)—to the partnership. These properties, totalling over 92,800 m² of retail space, were valued at over €170 mln.
The transaction, which includes €86.5 mln in mortgage financing from a banking consortium, strengthens Frey's financial position and frees up equity for reinvestment in new growth projects. 
Frey will maintain strategic and operational control over these assets, which will continue to be fully consolidated in its financial statements.