Frey

Following an initial investment of €20 million in 2017, Crédit Mutuel Equity, a subsidiary of the Crédit Mutuel Alliance Fédérale group, has once again demonstrated its confidence in the Frey group's development model by increasing its total investment in holding company Firmament Participations to €40 million. Based in Bezannes, France, property investment company FREY has a portfolio worth €593 million and 81 employees. Its aim is to own a portfolio worth over €1.5 billion (group share) in the medium term.

A pure-play commercial real estate operator, Frey is a development property investment company specialising in new generation open air shopping centres: welcoming retail destinations that combine shopping and leisure in more energy-efficient spaces, based on the original Shopping Promenade® concept. Its growth model is based on the strategic fit between its two main business lines: Investor/Manager and Planner/Developer.

Thanks to its unique and recognised expertise, the Frey group offers an innovative range of services allowing it to target new consumer habits and their restrictions. The ongoing growth of e-commerce is prompting local authorities to turn their retail facilities into true urban spaces. Furthermore, retailers are looking for lower rents and costs while also being able to showcase their brand's DNA. Lastly, consumers are favouring ever more experience-led shopping destinations.

Supported by its longstanding shareholders and newcomers, Frey carried out a €100 million capital increase in May 2017, followed by a further €202 million round of fundraising in June 2018 to finance its ambitious expansion plans.

Crédit Mutuel Equity (formerly CM-CIC Investissement) has been working with the group and its director Antoine Frey since 2017 by means of a €40 million investment in holding company Firmament Participations.

"We are delighted to be able to support such a dynamic group that is a pioneer in its industry. Frey has undergone major changes and taken great steps forward in terms of its expansion, in particular by securing large-scale projects, for example in Strasbourg and Montpellier, attesting to recognition of its expertise," comments Jean-Christophe Littaye, Principal at Crédit Mutuel Equity.

"Far from the usual standards of listed property investment companies, Frey stands out thanks to the strong entrepreneurial spirit of its directors. Following our initial investment in 2017, this new transaction gives us the opportunity to invest our capital over the long term to support a development project with a long-term view, alongside a very talented director and management team," adds Thierry Martin, Senior Principal at Crédit Mutuel Equity.

"I am delighted to be continuing our partnership with Crédit Mutuel Equity, a long-term financial and industrial investor working with our directors. The success of this fundraising round confirms their confidence in our growth strategy and the roll-out of our Shopping Promenade concept. The first shopping centre under this concept, "Coeur Picardie", opened in late 2017 in Amiens, has been a real success. The diverse shareholder base of Firmament Participations and Frey, both entrepreneurial and institutional, remains a guarantee of momentum and solidity for the Group," concludes Antoine Frey, Chairman and Chief Executive Officer of Frey and Chairman of the Supervisory Board of Firmament Participations.

Contact us