URW sells Polygone Riviera shopping center for €272m

Developer Frey has agreed to purchase the Polygone Riviera open-air shopping center in Cagnes-sur-Mer from Unibail-Rodamco-Westfield (URW) for €272.3 million ($331.8 million).

“FREY is pursuing its growth strategy with the aim of becoming the European leader in sustainable retail. This strategy has contributed to create a property company with a unique portfolio, which is now taking on a whole new dimension. Polygone Riviera is a major site in

France comprising all the fundamentals we value at FREY,” said Antoine Frey, chairman and CEO of FREY. Polygone Riviera totals 77,100 square meters (829,900 square feet). It also includes a 10-screen multiplex cinema, a fitness center, a casino and an open-air theater. It had a footfall of more than 6.1 million visitors in 2022.

It is located between the urban areas of Nice and Cannes, a densely populated and highly visited tourist area (4.2 million overnight stays per year). It also benefits from excellent access to