Kering buys the building in Via Montenapoleone for 1.3 billion – News

A real nine-figure success for Keringrecognized international group and leader in the luxury segment: the French group announced in recent days the acquisition of the company that owns a historic and emblematic property located at number 8 via Montenapoleone, in the heart of Milan.

Let's find out more about the purchase, which is configured asthe largest transaction for a single asset ever carried out in Italy.

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Record purchase from Kering

According to a press release, the acquisition of the French international group concerns the company previously under the control of Blackstone Property Partners Europe, for an amount a sum which amounts to approximately 1.3 billion euros.

A strategic approach which underlines Kering's desire to consolidate its own presence in the luxury market and strengthening its position in one of the most prestigious and emblematic areas of the world of fashion and luxury shopping.

The building on via Montenapoleone 8 in Milan

Strategically positioned in one of the most prestigious crossroads of the Fashion District, the 18th century building spans five floorsfor a total of 11,800 square meters of gross area.

The building also accommodates 5,000 square meters of commercial space, among the largest on via Montenapoleone. Currently, the building houses the historic Cova patisserie, stores of renowned luxury brands such as Saint Laurent and Prada, as well as the Bar Magenta building.

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The record transaction

As we have seen, the building belonged to Blackstone, a global leader in real estate investments. During 2021, the group achieved a massive investment in Milanese town planningby acquiring a valuable portfolio of historic buildings previously under the management of the Royal Company.

Among the buildings included in this transaction, the building now acquired by Kering stands out. THEThe total value of the operation was estimated at around 1.1 billion euros.indicating a massif revaluation of assets over the last three years.

On the other hand, Kering benefits from a prestigious series of brands from the fashion scene, leather goods and jewelry. Among these, famous names such as: Gucci, Saint Laurent, Bottega Veneta, Balenciaga, Alexander McQueen, Brioni, Boucheron, Pomellato, DoDo, Qeelin and Ginori 1735.

With this wide range of brands, Kering has established itself as a leading player in the global luxury sector.

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