Kering and Ardian have executed a joint venture agreement effective immediately regarding the Kering property located at 715-717 Fifth Avenue in New York City. This exceptional location on one of the world’s most iconic avenues comprises multilevel luxury retail spaces totaling approximately 115,000 square feet.
Following the partnership concluded earlier this year, Kering is contributing this asset to a newly created joint venture with Ardian, which will hold a 60 percent stake, with Kering retaining 40 percent. Kering’s interest in the joint venture will be accounted for under the equity method as of today.
The transaction amounted to $900 million, with net proceeds for Kering $690 million.
“As we continue to execute our strategy regarding the management of our real estate portfolio, we are pursuing our successful partnership with leading investment firm Ardian. Like the investment agreement already signed in Paris, this transaction allows us to secure a
