The asset is situated at the most prominent corner of Milan’s Quadrilatero della Moda. This iconic 18th century building is one of the largest properties on Via Monte Napoleone and occupies a flagship position in the heart of the city’s luxury district.
Kering is contributing this asset to a newly incorporated joint stock company, held at 80% by Al Mirqab Group from Qatar and 20% by Kering. Kering’s interest in this company will be accounted for under the equity method as of today.
Kering received proceeds of €729 million at closing, while a remaining €432 million will be paid to the Group five years later.
Following the partnerships concluded last year regarding real estate assets located in Paris and New York, this investment is part of Kering selective real estate strategy, aimed at securing highly desirable key locations for its Houses while enhancing its financial flexibility.
(dp)
