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France's Kering buys iconic Milanese building on via Monte Napoleone

05 Apr '24

1 min read

Pic: Adobe Stock

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Kering acquired the historic Milanese building on via Monte Napoleone 8 for $1.41 bn from a Blackstone subsidiary.
The 18th-century building spans five floors with 11,800 sq. m. gross area, including over 5,000 sq. m. of retail space.
This acquisition is in line with Kering's real estate strategy, which focuses on securing prime locations for its luxury brands.

Kering has announced the acquisition of the company owning the iconic and historic Milanese building on via Monte Napoleone 8, for a consideration of approximately €1.3 billion (~$1.41 billion), from a subsidiary of Blackstone Property Partners Europe.

Located on the most prominent corner of the city's Quadrilatero della Moda, the 18th century building is developed over five floors, totaling 11,800 sq. m. gross area. The property includes more than 5,000 sq. m. of retail space, making it one of the largest in via Monte Napoleone.

This investment is part of Kering’s selective real estate strategy, aimed at securing key highly desirable locations for its Houses.

Kering remains focused on proactively managing its real estate portfolio with the short- to medium-term objective of retaining a stake in its prime assets alongside co-investors in dedicated vehicles.