New Kering property deal worth more than €1 billion
Luxury group Kering has completed another property deal. It has formed a joint venture with Qatar-based private investment firm the Al-Mirqab Group. Al-Mirqab will own 80% of the equity and Kering the other 20%.
Kering has contributed a building on Milan’s Via Monte Napoleone to the assets of the new company. For this, it has received €729 immediately and will receive a further €432 million in five years’ time.
It is exactly two years since Kering acquired the building, which is at number 8 on one of the most iconic shopping streets in the world. It paid a reported €1.3 billion for it. The group has described the building as “an iconic eighteenth-century building and one of the largest properties on Via Monte Napoleone, a flagship position in the heart of the city’s luxury district”.
This follows property deals that Kering concluded in Paris and New York in 2025. It raised €837 million in a deal involving three properties in Paris with private investment group Ardian in January 2025.
In December, it concluded a similar deal with Ardian for a property on Fifth Avenue in New York, raising $690 million. In each of these cases, Ardian has acquired 60% of the properties, with Kering retaining the other 40%.
