French retail property specialist Frey has successfully raised €97.1 mln from its capital increase, which involved a preferential rights offering to shareholders.
The company issued 3,883,295 new shares at €25.00 per share as part of the offering.
The main shareholders, including Firmament Participations, Foncière AG Real Estate, Predica, Cardif Assurance Vie, and Sogecap, along with Société Immobilière et Mobilière de Montagny (controlled by R. Deveaux), all subscribed to the share capital increase. This demonstrates the strong confidence and support Frey enjoys from its existing and new investors.
Settlement, delivery, and admission of the new shares to trading on Euronext Paris are expected to take place on December 19.
Frey plans to use the proceeds from the capital increase to partially refinance the acquisition of the Polygone Riviera shopping center in France and to fuel further growth in Europe.
Antoine Frey, CEO, said: ‘The success of this new fundraising confirms the confidence of its historic shareholders and new entrants. Frey has always been able to count on their support since its listing. The diversity of its shareholders, both entrepreneurial and institutional, remains a guarantee of dynamism and solidity for the Group. This fundraising will help finance our growth ambition with the aim of becoming the European leader in sustainable commerce.’
Frey closed the €272.3 mln acquisition of the Polygone Riviera shopping centre Cagnes-sur-Mer from Unibail-Rodamco-Westfield SE in October. It financed the acquisition through a €120 million mortgage loan structured with BNP Paribas and Crédit Agricole Corporate & Investment Bank, with the residual amount financed from the company's own resources.
