Frey SA (FREY.PA) develops, owns, finances and manages over 40 open-air shopping destinations across Europe, including full-price retail parks such as the Shopping Promenade and Greencenter concepts, premium outlets through its subsidiary ROS (Retail Outlet Shopping), and large mixed-use urban developments; it provides third-party development, property management, leasing and marketing services to retailers featuring over 1,000 brands, with a gross leasable area under operation of 1.2 million square meters and a development pipeline valued at 628 million euros, primarily targeting consumers in high-performing retail environments with low occupancy cost ratios. The company operates in 10 European countries including France, Spain, Portugal, Poland, Germany, Italy, Sweden and Austria, serving major international and local brands in sectors like fashion, sportswear and lifestyle. Founded in 1983 and headquartered in Bezannes near Reims, France, Frey SA, formerly Immobiliere Frey SA, pursues an asset rotation strategy and recently strengthened its position with the July 2024 acquisition of ROS, a third-party manager of 13 outlets across eight countries; the agreement to develop Malmo Designer Village in Sweden for around 100 million euros; the February 2025 commitment to acquire Designer Outlet Berlin for 230 million euros; the August 2025 purchase of three major Italian outlet sites for 410 million euros; asset disposals totaling 224 million euros including a 169 million euro portfolio to Batipart Europe; and 550 million euros in new financing arrangements to extend debt maturity to 4.7 years.