FREY AMENAGEMENT ET PROMOTION

What FREY AMENAGEMENT ET PROMOTION does

FREY is a publicly traded French real estate investment company (SIIC regime, Euronext Paris ticker FR0010588079) that develops, invests in, and manages open-air premium shopping destinations across Europe. Founded in 2005 with the first eco-responsible retail park concept, the company operates two main segments: premium retail parks under the Shopping Promenade® brand and premium outlet villages under the Designer Village brand, alongside ROS Retail Outlet Shopping, the 4th largest outlet manager in Europe (acquired 2024). FREY's portfolio spans 40+ destinations across 10 European countries encompassing 1.2 million sq.m of gross leasable area and 1,000+ tenant brands, with an asset base valued at €2.7 billion and a development pipeline of €591 million.

The company runs an integrated value chain covering the full real estate lifecycle — site acquisition, development, investment, leasing, and asset management — supported by country-specific leasing managers handling direct enterprise relationships with retail tenants (fashion, sports, beauty, electronics, entertainment, food). Notable destinations include Shopping Promenade Riviera (Cagnes-sur-Mer, 77,100 sq.m), Shopping Promenade Coeur Alsace (Strasbourg), Designer Outlet Berlin (Wustermark, 21,000 sq.m), and multiple Italian Designer Villages (Franciacorta, Palmanova, Valdichiana, Mantova, Puglia). Technology infrastructure is limited to standard web hosting (Greenshift) and digital agency work (Octave & Octave), with no disclosed AI or proprietary software platforms.

FREY generates revenue primarily through recurring rental income from retail tenants (subscription-style multi-year leases), supplemented by property promotion and development sales (€9.8M from a Strasbourg asset in 2025), third-party asset management fees via the ROS subsidiary, and capital gains from strategic asset disposals. The company is differentiated by being the first listed French company to obtain B Corp certification (score of 116) and the first French property company to adopt mission-driven company status, embedding ESG commitments into governance. In FY2025, FREY reported €231.4M revenue (+21% YoY), €121.2M recurring operating income, and €77.4M net income (+93.5% YoY), with ownership concentrated in Firmament Participations (26.5%), PREDICA (19.8%), and Cardif Assurance Vie (12.6%).

Name

FREY AMENAGEMENT ET PROMOTION

Legal name

FREY

Website

https://freygroup.com

Company type

Public

Founded year

2005

Operating status

Operating

Headcount range

1–10 employees

Short description

FREY is a French publicly traded REIT (SIIC) that develops, owns, and manages 40+ open-air premium shopping destinations — Shopping Promenade retail parks and Designer Village outlets — across 10 European countries, leasing space to 1,000+ retail brands.

Ownership category

akta.pro rank

Headquarters

HQ city

Bezannes

HQ country

France

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Revenue model

1. Rental income from retail tenants: FREY generates recurring rental income from leasing commercial space to retail brands across its portfolio of retail parks and outlet villages. Tenants include international fashion brands, lifestyle retailers, and entertainment operators.
2. Property promotion and development: Development and sale of commercial real estate projects, including urban renewal operations. In 2025, sales of promotion property reached €9.8M from sale of a property in Strasbourg.
3. Third-party asset management: FREY manages retail assets on behalf of third-party investors, earning management fees. This includes outlet management through ROS subsidiary.
4. Capital gains from asset disposals: Strategic portfolio management through acquisitions and potential disposals of properties to optimize returns.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels6 records

Core offering

FREY Aménagement et Promotion, operating under the FREY group brand, is a developer, investor, and manager of open-air premium shopping destinations across Europe. The company develops, acquires, and manages a portfolio of more than 40 retail parks (Shopping Promenade®) and premium outlet villages (Designer Village) spanning 10 European countries. Its core activity consists of leasing commercial space to international and local retail brands, combined with third-party asset management services through the ROS subsidiary.

Product overview

FREY is a pan-European integrated platform specializing in premium open-air shopping destinations. The company operates across two main segments: premium retail parks (Shopping Promenade® brand) and premium outlet villages (Designer Village brand). FREY's portfolio spans over 40 destinations across 10 European countries, including flagship properties like Shopping Promenade Riviera (France), Shopping Promenade Coeur Alsace (France), Shopping Promenade Claye-Souilly (France), Designer Outlet Berlin (Germany), and multiple Designer Villages in Italy (Franciacorta, Valdichiana, Palmanova, Mantova, Puglia), Belgium, Poland, and Hungary. The company also operates ROS Retail Outlet Shopping, Europe's 4th largest outlet manager, which it acquired in 2024. FREY's properties offer retail spaces combined with leisure, dining, and entertainment experiences in open-air settings. The company is certified B Corp and operates as a mission-driven company.

Differentiator

Problem solved

Functional benefit

Brands

• Shopping Promenade: Premium open-air retail park concept by FREY, featuring shopping, dining, and leisure experiences.
• Designer Village
• Agroparc
• FoREY

Quantifiable outcome

• 97.4% occupancy rate across portfolio
• +5 more outcomes

Named customers15 records

Segments3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Eight partnerships are on record, tiered flagship, core and minor.

• EurofundflagshipStrategic or Co-development Partner · 1 July 2025Joint development partnership for Promenade Lleida, a 57,000 sq.m destination in Catalonia, Spain, opening planned for 2027.
• ROS Retail Outlet ShoppingcoreChannel Partner/ Reseller/ Distributor · 1 July 2024Acquired in July 2024, ROS is the 4th largest outlet manager in Europe and operates FREY's outlet destinations including Designer Outlet Berlin, Franciacorta, Valdichiana, and Palmanova Designer Villages.
• AREP Ville – Denu & ParadonminorImplementation/ SI/ Consulting PartnerLead architect and urbanist for the Zone Commerciale Nord urban renewal project in Strasbourg.
• Acte 2 PaysageminorImplementation/ SI/ Consulting PartnerLandscape architect for the Zone Commerciale Nord urban renewal project.
• INGEROP Conseil & IngénierieminorImplementation/ SI/ Consulting PartnerEngineering consultancy for the Zone Commerciale Nord urban renewal project.
• Chapman Taylor – ErememinorImplementation/ SI/ Consulting PartnerArchitectural firms responsible for design of Shopping Promenade Claye-Souilly.
• Holder Mathias ArchitectsminorImplementation/ SI/ Consulting PartnerArchitect for Malmö Designer Village development project in Sweden.
• Octave & OctaveminorImplementation/ SI/ Consulting PartnerDigital agency responsible for FREY website design and production.

Scale indicators14 records

Recent moves9 records

Expansion highlights7 records

Direct peers

• Value Retail: Operator of The Bicester Collection, a portfolio of premium luxury outlet villages across Europe and China. Comparable to FREY's Designer Village outlets in the premium outlet segment, with similar tenant mix of luxury and premium fashion brands at outlet prices.
• Eurocommercial Properties: Dutch-listed REIT specializing in retail properties in Italy, France, Spain, and Belgium. Directly comparable to FREY in cross-border European retail property investment, with overlapping geographies (Italy, France, Spain) and tenant base.
• Klépierre: French-listed European retail REIT operating large shopping centers across continental Europe. Highly comparable to FREY in business model (retail landlord) and geographic footprint, though Klépierre focuses on enclosed malls while FREY specializes in open-air retail parks and outlets.
• VIA Outlets: European operator of premium fashion outlet centres across multiple countries. Comparable to FREY's outlet expansion (ROS, Italian villages) as a pan-European outlet operator competing for the same tourist and brand tenant demand.
• Hammerson: UK/European REIT focused on premium retail parks, outlet villages, and flagship shopping destinations. Closely comparable to FREY in retail park and outlet strategy, particularly the value-oriented retail park segment and outlet investments (e.g., Value Retail stake).
• McArthurGlen Group: European owner, developer, and manager of designer outlet villages across the continent. The closest direct competitor to FREY's Designer Village portfolio (Franciacorta, Palmanova, Valdichiana) and the pan-European outlet strategy FREY entered via ROS.
• Wereldhave: Dutch-listed REIT owning full-service shopping centers in the Netherlands, Belgium, and France. Comparable to FREY as a continental European retail landlord with focus on everyday shopping destinations rather than luxury flagships.
• IGD - Italian General Real Estate: Italian-listed retail REIT owning shopping centers and retail parks across Italy. Comparable to FREY's Italian Designer Village portfolio and Iberian/Southern European retail park assets, with similar anchor tenants and shopper demographics.

Broad incumbents

• Unibail-Rodamco-Westfield: Europe's largest listed retail REIT, focused on premium enclosed shopping centers (Westfield destinations). Comparable as a pan-European premium retail landlord, but substantially larger and operates enclosed flagship destinations rather than FREY's open-air format.
• Covivio: French-listed REIT operating offices, hotels, and retail properties across Europe, including German retail parks. Comparable as a diversified European property investor with retail exposure, though Covivio's portfolio is broader than FREY's retail-only focus.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights6 records

Customer concentration

• YouTubeyoutube.com/channel/UCaxeU_i97vgL-pLeBbyiPDg
• LinkedInlinkedin.com/company/frey
• Instagraminstagram.com/frey.group

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Subsidiaries18 records

Funding overview

Funding rounds3 records

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about FREY AMENAGEMENT ET PROMOTION