French shopping centre owner and developer Frey has acquired a major open-air shopping centre in Cagnes-sur-Mer, France, from Unibail-Rodamco-Westfield for €272.3 mln.
The price reflects a 4% discount to last unaffected book value.
Polygone Riviera features a catchment area of 765,000 inhabitants, a diversified retail offer, and attracted over 6.1 million visitors in 2022.
The 77,100 m2 property houses more than 130 brands. It is located between the urban areas of Nice and Cannes, in a densely populated and highly visited tourist area, with access to the A8 highway and the Nice-Côted'Azur airport.
Antoine Frey, chairman and CEO of Frey, commented: ‘Frey is pursuing its growth strategy with the aim of becoming the European leader in sustainable retail. This strategy has contributed to create a property company with a unique portfolio, which is now taking on a whole new dimension. Polygone Riviera is a major site in France comprising all the fundamentals we value at Frey. We are delighted to integrate the centre into Frey's portfolio and are enthusiastic about the idea of rolling out all our management expertise there.’
Opened in October 2015, with a BREEAM Excellent In-Use certification, Polygone Riviera will enable Frey to continue to diversify its portfolio of brands and its rental risk.
Additionally, Frey will consolidate its position as France's leading property company in its asset class and confirms its ambition to become the leading platform for sustainable retail in Europe.
As a result of this transaction, URW said it has secured €3.6 bn (or about 90%) of its €4.0 bn European asset disposal program, reducing debt and improving its financial health.
