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It is the highest transaction in terms of value per single asset to have taken place in Italy and sets new standards in defining the values of luxury streets. The Kering group has acquired the historic building in via Monte Napoleone 8 from Blackstone, for a sum of around 1.3 billion euros. The building was acquired by Blackstone Americans in 2021 as part of a portfolio of iconic properties. Located in one of the most important intersections of the Fashion District, the eighteenth-century building is spread over five floors, for a total of 11,800 square meters of gross surface area.
The property includes more than 5,000 m2 of commercial surface area, one of the largest on Via Monte Napoleone. The tenants today are Saint Laurent, Prada and Cova.
«The investment is part of Kering’s selective real estate strategy, which intends to secure highly prestigious and sought-after positions for its Maisons – reads a press release -. Kering continues to favor proactive management of its real estate portfolio, with the short-medium term objective of maintaining a stake within its main properties, alongside co-investors present through specific investment vehicles.”
In 2021, Blackstone purchased the portfolio of numerous historic buildings in Milan managed by Reale Compagnia: in addition to the building that houses the historic Cova pastry shop, numerous luxury brand stores and also the Bar Magenta building. The operation was defined for a sum of around 1.1 billion euros.
Kering boasts a series of brands from the world of fashion, leather goods and jewelery in its portfolio: Gucci, Saint Laurent, Bottega Veneta, Balenciaga, Alexander McQueen, Brioni, Boucheron, Pomellato, DoDo, Qeelin and Ginori 1735.