Kering Sells Its Milanese Jewel for 1.16 Billion Euros to Al Mirqab Group
Kering has completed the sale of its iconic building located at 8 via Monte Napoleone in Milan to Al Mirqab Group. The transaction, which took effect immediately, is part of the luxury group's selective real estate strategy aimed at enhancing its financial flexibility.
Historic Building in a Strategic Location
The transferred building, dating back to the 18th century, occupies the most strategic corner of the famous Milanese shopping area. Ranked among the most significant buildings on via Monte Napoleone, it holds an iconic position in Milan's most prestigious district. This asset was particularly important for Kering as the real estate headquarters of its luxury houses.
Details of the Transaction
Kering contributed the building to a newly established joint stock company, owned 80% by Al Mirqab Group and 20% by Kering. The group's minority stake will be accounted for using the equity method from this date. As part of this transaction, Kering received an immediate payment of 729 million euros, with an additional payment of 432 million euros scheduled in five years.
Continuation of Strategic Real Estate Partnerships
This transaction extends previous real estate partnerships concluded last year involving assets in Paris and New York. The group continues a selective real estate strategy aimed at securing key locations highly attractive for its houses, while enhancing its financial flexibility.
