Bezannes, 18 August 2025



FREY REINFORCES ITS LEADING POSITION IN PREMIUM OUTLETS
BY ACQUIRING THREE MAJOR SITES IN ITALY
FOR €410 MILLION

FREY has reached another major milestone in its European development drive by signing a strategic
partnership agreement worth €650 million alongside Cale Street focused on investing in premium outlets
across Europe. The alliance centres around the acquisition of three of Italy’s emblematic shopping villages
- Franciacorta (Lombardy), Valdichiana (Tuscany) and Palmanova (near Trieste) - for €410 million from
funds managed by Blackstone.
At the same time, FREY is acquiring Land of Fashion, the Italian platform that manages these assets, and
thus shoring up its position among Europe’s top 3 outlet operators1.


A STRATEGIC GROWTH PARTNERSHIP
FREY has just signed a strategic partnership agreement with Cale Street as part of a drive to speed up its
development in the buoyant premium outlet market.
Cale Street is a real estate investment and finance firm established in 2014, in partnership with the Kuwait
Investment Office - the London office of the Kuwait Investment Authority, the world’s first sovereign wealth
fund, founded in 1953. In this instance, the FREY / Cale Street partnership is buying three premium outlets
in Italy for €410 million from funds managed by Blackstone.
This growth opportunity increases FREY’s exposure to such open-air shopping destinations, which offer
consumers unique access to premium brands at the best prices along with a one-of-a-kind shopping
experience.
Designer Outlet Berlin (acquired in May for €245 million including transfer tax) is also being contributed to
the FREY / Cale Street joint venture, the purpose of which is to look into other acquisition opportunities
across Europe. FREY holds a majority interest in this joint venture, which will be fully consolidated in its
consolidated financial statements.


PREMIUM OUTLETS IN ITALY
By purchasing interests in the corporate entities owning the three assets, FREY is gaining a foothold in
mainland Europe’s leading outlet market.




1
Based on the total GLA of assets managed in Europe.
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FRANCIACORTA VILLAGE
Franciacorta Village is an emblematic designer outlet ranked among
Italy’s top 5 outlets and located in the north of Italy just next to Milan.
It has over 180 boutiques and a GLA of around 37, 000 m², and benefits
from an exceptional catchment area of both local and regional
consumers. It is among the country’s most vibrant outlets thanks to its
open-air architecture, recent extensions and offering centred around
major international brands.

VALDICHIANA VILLAGE
Valdichiana Village lies between Florence and Siena at the very heart of
Tuscany and is an iconic shopping destination in one of Italy’s most
popular tourist regions. With a GLA of more than 31,000 m² and over
130 boutiques, its client base is made up of both local and international
consumers. It is very much a retail hub with its typically Tuscan
architecture and strategic location along major roads linking up Rome,
Perugia and the winegrowing areas of Tuscany.

PALMANOVA VILLAGE
Palmanova Village is ideally placed between Venice, Austria and
Slovenia and its strategic location enables it to draw in local and cross-
border consumers alike. The centre boasts a GLA of over 22,000 m² and
91 boutiques and is enjoying a boom together with a steady increase in
footfall. Its catchment area exceeds 3.7 million inhabitants and has a
great deal of potential to develop further.

These three sites welcomed ca 11 million visitors2, and their partner brands brought in over €360 million
in sales3.
Once these transactions and the asset disposals planned for the second half of 2025 have been completed,
FREY’s financial policy will remain conservative with an LTV ratio below 45%.


NOW RANKING AMONG EUROPE’S TOP 3 OUTLET OPERATORS
FREY, through its subsidiary ROS (Retail Outlet Shopping), is concomitantly acquiring Land of Fashion, a
platform that specialises in managing premium outlets and operates five such outlets in Italy, including the
three that FREY is buying.
After folding in Designer Outlet Berlin and now Land of Fashion, FREY Group will rank among Europe’s top 3
outlet operators with ca 400,000 m² under management.

This leading position will bolster its relations with premium brands and give these brands opportunities to
deploy in Europe’s most select outlets.

2
Data for the 12 months as of end-July 2025.
3
Data for the 12 months as of end-July 2025.
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Antoine Frey, Chairman and Chief Executive Officer of FREY, had the following to say about the deals:
“FREY now ranks among Europe’s top 3 outlet operators. This is the culmination of a conscious and perfectly
executed strategy consisting of a first-rank partnership, the acquisition of three premium assets, and a
reinforced asset management platform. Italy is Continental Europe’s biggest outlet market, one in which the
world’s highest-tier brands connect with a demanding and loyal local client base with considerable
purchasing power. It is also a market with deep roots in retail culture and a huge appetite for open-air
shopping, high-quality service and premium products. These transactions expand FREY’s European footprint
and create further impetus for its growth profile, while also reinforcing its sustainable retail model.”


KEY FIGURES OF THE THREE ITALIAN PREMIUM OUTLETS:
• Combined GLA: 90,000 m²+
• Acquisition price: €410 million
• Annual Visitors: ca. 11 million (LTM as of July 31, 2025)
• Annual Sales of brand partners: over €360 million (LTM as of July 31, 2025)
• 2024 Operating profit: ca €32.0 million




About FREY

FREY’s expertise covers the entire property value chain (as a developer, investor and manager) and it is a leading operator of open-air shopping destinations.
Having invented the next generation of open-air shopping centres with its Shopping Promenade® concept and pioneered eco-friendly retail parks with its
Greencenter® concept, FREY is a B Corp™ certified mission-driven company and is fully committed to building a more responsible and greener society that is
socially beneficial to its ecosystem and its stakeholders. FREY aspires to become Europe’s leading operator of open-air shopping destinations (open-air shopping
centres, retail parks and outlets).
FREY is listed on compartment B of the Euronext Paris stock exchange. ISIN code: FR0010588079 - Ticker code: FREY.


PRESS CONTACTS: IR@frey.fr
Sébastien Eymard – Deputy Chief Executive Officer
Marine Giraud – Communications Director


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