Kering and Ardian have executed a joint venture agreement effective immediately regarding the Kering property located at 715–717 Fifth Ave. in New York City. The transaction amounted to $900 million, with net proceeds for Kering of $690 million.
It totals approximately 115,000 square feet of luxury retail space. This marks Ardian’s first real estate investment in the United States.
Under the partnership, Kering will contribute the asset to a newly formed joint venture with Ardian, which will hold a 60 percent stake, while Kering retains 40 percent, with its interest accounted for under the equity method.
“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 another long-term, highly prominent retail location for our houses while enhancing our fina
