Frey announced on Tuesday the launch of a capital increase with preferential subscription rights (DPS) in the amount of 101.3 million euros.

The commercial real estate group explains that the operation is intended to enable it to refinance with equity part of the share of the acquisition price of the 'Polygone Riviera' shopping center in Cagnes-sur-Mer, a purchase it had made official in October.

This transaction - worth a total of 272.3 million euros - was financed (1) to the tune of 120 million euros via a mortgage taken out with a banking pool, and (2) 152.3 million euros from the company's own resources.

The capital increase will give rise to the issue of 4,052,400 new shares at a unit subscription price of 25 euros. Each shareholder will be allocated one preferential subscription right (DPS) per share, with seven DPS entitling the holder to subscribe to one new share.

Frey specifies that the operation is already the subject of irrevocable subscription commitments from its main shareholders, who cover
87.8% of the amount.

The subscription price represents a 15% discount to Friday evening's closing price.

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