FREY and Singapore’s GIC launch €400M European retail property platform

Announced on 12 November 2026, the agreement provides for the establishment of an investment vehicle targeting the acquisition of existing premium retail parks in Western Europe and Poland.

GIC will hold an 80% stake in the new investment structure, while FREY will retain the remaining 20% and assume responsibility for the operational management of the properties. The investment strategy will focus on retail complexes with gross leasable areas ranging from 5,000 to 35,000 sq.m., with an emphasis on organised open-air retail destinations.

Founded in 1981 to manage Singapore’s foreign exchange reserves, GIC has already established a presence in the Greek real estate market, primarily through investments in the upscale hospitality sector.

Its most significant direct investment in Greece is its stake in the Sani/Ikos Group, which it acquired control of in 2022 in a transaction valuing the hotel group at €2.3 billion.

The deal involved the exit of previous institutional investors, including funds managed by Oaktree Capital Management and Goldman Sachs Asset Management, while the group’s founders retained an ownership stake and management responsibilities.

GIC’s entry was closely associated with the acceleration of Sani/Ikos’ investment programme, which included the development of new hotel properties in Greece and other Mediterranean markets.

Initial €176 Million Portfolio Across Three Countries

The new platform will launch with an initial portfolio of three commercial properties, with a combined value of approximately €176 million, located in France, Spain and Portugal.

The assets comprise Woodshop in Cesson, France, with a surface area of 34,222 sq.m.; Parque Mediterráneo in Cartagena, Spain, covering 57,768 sq.m.; and Algarve Retail Park in Albufeira, Portugal, with a surface area of 13,402 sq.m.

FREY acquired the three properties in 2016, 2022 and 2019, respectively.

The agreement forms part of FREY’s strategy to expand its European presence across two categories of commercial real estate: premium retail parks and outlet villages.

At the same time, the partnership will enable the company to recycle invested capital and finance new acquisitions through partnerships with institutional investors.

According to FREY’s management, the new platform is expected to make a positive contribution to earnings per share and net asset value from 2027 onwards.

The company’s Chairman and CEO, Antoine Frey, believes that valuations in the premium retail park segment remain attractive. Meanwhile, growing demand for open-air retail destinations combining shopping, leisure experiences and convenient accessibility is creating favourable conditions for organic growth.