(Boursier.com) — Kering acquires a prestigious real estate asset in New York, comprising luxury retail spaces on several levels, totaling approximately 10,700 m2, located at 715-717 Fifth Avenue, on the southeast corner of 56th Street.
The transaction is carried out for an amount of 963 million dollars (885 million euros).
With this transaction, Kering acquires exceptional retail locations on one of the most emblematic avenues in the world. This investment represents a new step in Kering’s selective real estate strategy, aimed at securing key and highly desirable locations for its Maisons.
In addition to the recently acquired prominent properties on Avenue Montaigne and Rue de Castiglione in Paris, the Group’s real estate portfolio includes iconic assets in Omotesando, Tokyo, as well as the Hôtel de Nocé, which houses the historic Maison Boucheron boutique in Paris. In accordance with its long-term financial strategy, Kering intends to implement a disciplined and flexible approach to the management of its real estate portfolio.
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