Property deal raises more than €800m for Kering
Luxury group Kering has raised more than €800 million through a property deal with Paris-based private investment group Ardian.
As part of the deal, Kering and Ardian have founded a new joint venture, which will have three real estate properties in the French capital as its assets.
Ardian will have 60% ownership of the properties, for which it will pay a total of €837 million. Kering will retain the remaining 40% of ownership.
The three properties are the Hôtel de Nocé in the city’s Place Vendôme (pictured), and two buildings located on Avenue Montaigne.
Kering’s deputy chief executive, Jean-Marc Duplaix, said the new partnership would allow the group “to secure for the long term prominent retail locations, while preserving our financial flexibility”.
For her part, the head of real estate at Ardian, Stéphanie Bensimon, said the joint venture embodied “a transformative approach to real-estate strategies for luxury groups like Kering”.
