The portfolio of assets, in which the group will retain a 40% stake, includes the Hôtel de Nocé on Place Vendôme and two buildings on Avenue Montaigne.
The luxury group Kering (Gucci, Saint Laurent) has signed an agreement with the investment company Ardian for the sale of 837 million euros of real estate assets in Paris, it announced on Wednesday. The portfolio of assets, in which Kering will retain a 40% stake, includes the Hôtel de Nocé on Place Vendôme and two buildings on Avenue Montaigne, addresses among the most coveted in the capital.
“We are very happy with this partnership which allows us to secure key locations over the long term while preserving our financial flexibility”declared Jean-Marc Duplaix, deputy general director of Kering. The operation should be finalized during the first quarter of 2025, the group said.
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Prestigious addresses
In addition to the Hôtel de Nocé, a private mansion in the 1st arrondissement of Paris where the historic Maison Boucheron boutique is located, the set of assets includes two buildings located at 35-37 and 56, avenue Montaigne. One of these two buildings houses a Valentino boutique, in which Kering holds a 30% share with an option to increase to 100%. This agreement “opens new growth prospects”estimated Stéphanie Bensimon, member of the Ardian executive committee, quoted in a press release.
In January 2024, the French group led by François-Henri Pinault announced the acquisition of a 10,700 square meter building on the prestigious 5th Avenue in New York for an amount of 963 million dollars (885 million euros). . In difficulty, Kering reported in October third-quarter sales down 15% year-on-year, weighed down by Gucci, and now sees itself ending the year 2024 with a sharp drop in operating profit.
