Kering (Gucci) buys the emblematic building on Via Montenapoleone 8 in Milan

The emblematic and historic Milanese building on Via Monte Napoleone 8 changes hands: Kering, the group which owns, among others, the fashion brand Gucci. Kering announced the acquisition of the owner company via Mont Napoléon 8 for an amount of approximately 1.3 billion euros, from a subsidiary of Blackstone Property Partners Europe, which purchased it in November 2021 as part of a broader portfolio acquisition buying Reale Compagnia Italiana. This is the largest ever asset transaction in Italy, which will be completed by July 2024.

The 18th century building, located in the most important point of Milan's fashion district and currently rented by Saint Laurent, Prada and Cova, distributed over five floors, for a total of 11,800 square meters of gross area. The property includes more than 5 thousand square meters of commercial space, one of the largest in via Monte Napoleone. The objective of the operation, for Kering, is to maintain proactive management of its real estate portfolio, focused in particular on luxury retail, with the short and medium term objective of maintaining a stake in its core assets alongside co-investors in dedicated vehicles. Among the group's next operations will be the acquisition of a prime asset in New Bond Street in London, an area which is home to several major luxury brands, including Gucci, Balenciaga and Fendi. The group also announced the purchase in January of a building on the corner of Fifth Avenue and 57th Street in New York for $963 million, as well as other iconic assets in Tokyo and Paris.

Blackstone Property Partners Europe Holdings (BPPEH) was assisted in the transaction by KRyalos Sgr as advisor. He has also been advised by BNP Paribas, Barclays, Eastdil Secured, JP Morgan Securities plc, RBC Capital Markets, SMBC Nikko Capital Markets Limited, Simpson Thacher & Bartlett, PedersoliGattai, as legal advisor, and PwC as tax and financial. Kering was followed by Lazard.

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