Just two years after acquiring it, the luxury group has signed an agreement with French company Ardian to sell it the majority of shares in this prestigious New York asset. The deal, which will bring Kering $690 million, will enable it to continue reducing its debt while securing this location.
Kering continues its slimming regime under the leadership of its CEO, Luca de Meo.
On December 15, the luxury group announced an agreement “with immediate effect” with French investment company Ardian for the sale of 60% of a prestigious building in New York. Kering acquired this asset, located at 715-717 Fifth Avenue, in January 2024 for €885 million ($963 million).
Joint venture
“Kering is contributing this asset to a newly created joint venture with Ardian, which will hold 60% of the asset, while Kering will retain 40%,” ,“ the group explained in a press release, specifying that ”the transaction amounts to $900 million (€766 million), for which“ the luxury group ”will receive a net amount of $690 million (€587 million).”
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Featured photo: © CoStar
