Frey has exercised its option to acquire the Polygone Riviera open-air shopping centre in Cagnes-sur-Mer, France from Unibail-Rodamco-Westfield for €272.3 million.
Commenting, Antoine Frey, Chairman and Chief Executive Officer of Frey, said: “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.”
Located in Cagnes-sur-Mer (06), opened in October 2015 with an excellent level of BREEAM In-Use certification, Polygone Riviera is a 77,100 m2 (owned share: 71,000 m2) open-air shopping centre boasting excellent fundamentals:
- An excellent location between the urban areas of Nice and Cannes, in a densely populated and highly visited tourist area (4.2 million overnight stays per year). It also benefits from excellent access to the A8 highway, a major regional artery linking Monaco and Italy and close to the Nice-Côte d’Azur airport, the main hub in the south of France and France’s third busiest airport in terms of passenger numbers.
- A primary catchment area of 765,000 inhabitants less than 15 minutes away (excluding overnight stays in hotels and the city centres of Nice and Antibes). The site’s catchment area has come out of the COVID period stronger and is showing good growth indicators. Potential expenditure for the area increased 34% between 2021 and 2022, far exceeding the national average of 6.3%. A highly captive area, increasing substantially during the peak tourist season (June-September). Tourists, both national and international, stand as a real advantage for the centre.
- An open-air shopping centre atmosphere with a contemporary architectural identity that enhances the heritage of Provence, corresponding to the urban codes and multi-faceted design of FREY’s Shopping Promenade®. The centre perfectly combines shopping and leisure activities with its sunny terraces, rooftops, playground and open-air theatre for children’s shows. Like all FREY’s sites, it boasts generous vegetation, with 1,000 trees planted in 4 hectares of green spaces.
- A diversified and extremely attractive retail offer with more than 130 brands, with leading anchors such as Fnac, Primark, Grand Frais, Zara, Sephora, Uniqlo, JD Sports, Bershka, and CGR Cinémas.
- A footfall of over 6.1 million visitors in 2022.
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