De Pardieu Brocas Maffei has advised FREY on the setting-up of two inaugural medium-term sustainability-linked loans (including CSR criteria as environmental, social and corporate governance) for a total amount of €150 million with a term of five-years (with two one-year options to extend them) with its long-standing banking partners: the first one for €100 million with BNP Paribas, Crédit Agricole CIB, LCL and Crédit Agricole Languedoc and the second one for €50 million with Société Générale and Crédit Mutuel Arkéa.
FREY concludes inaugural loans whose financial conditions are linked to the validation of four major CSR commitments up to 2030, namely:
- the continued investment in French forests and their sustainably managed operation of through FoREY, its forestry group created in 2020. This group has already acquired 1,150 hectares of forest and aims to acquire 3,500 hectares by 2030. Wood is a pillar of the Group’s carbon neutrality strategy, both for its natural features as a carbon sink and for its contribution to the timber sector, in particular with a view to supporting low-carbon construction;
- the achievement of environmental certifications:
- BREEAM for the Group’s major development projects kept by the REIT,
- BREEAM In-Use for major operating assets of the portfolio, with the aim of achieving a rate of 100% of certified properties by 2025;
- the development of low-carbon mobility to reduce the greenhouse gas emissions (scope 3) of operating assets of the portfolio, by the installation of electric and hybrid vehicle recharging stations representing a targeted 5% of the total number of parking spaces by 2025 and 10% by 2030;-the renewal of the “B Corp” certification obtained in 2021.
A planner, developer, investor and manager, FREY is a real estate company specialising in the development and operation of open-air shopping centres. A pioneer in environmentally-friendly retail parks (with its Greencenter concept) and inventor of next generation “Feel Good” open-air shopping centres (Shopping Promenade), the “entreprise à mission”, B CORP certified FREY is fully engaged in a more responsible, greener society that is socially beneficial to its ecosystem and its stakeholders.