Frey acquires three Italian outlets in major European expansion

French group Frey has entered a 650 million euros strategic partnership with Cale Street to invest in premium outlets across Europe. As part of this alliance, the two companies are acquiring three major Italian shopping villages—Franciacorta, Valdichiana, and Palmanova—for 410 million euros from funds managed by Blackstone.

In addition to the acquisitions, Frey is taking over Land of Fashion, the Italian platform that manages these assets, solidifying its position as one of Europe's top three outlet operators. This partnership with Cale Street, a company founded in 2014 in collaboration with the Kuwait Investment Office, is a "decisive step" in Frey's growth strategy within the premium outlet sector.

The Italian acquisitions will serve as the foundation for a new expansion platform. Designer Outlet Berlin, which Frey purchased in May for 245 million euros, will also be contributed to this joint venture. Frey will maintain a majority stake in the venture, which will continue to seek out further acquisition opportunities across Europe.

According to Frey's chairman and CEO, Antoine Frey, Italy represents the largest outlet market in Continental Europe, making these acquisitions a key part of the company's strategy to expand its European footprint and accelerate its growth.