New York & Tri-State CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Kering Sells Majority Stake in Fifth Avenue Retail for US$690M
Gucci owner Kering has sold a 60% stake in 715-717 Fifth Ave. to private equity firm Ardian. With Ardian paying $690 million for a majority interest in the property, 715-717 Fifth is valued at $900 million, down from the $963 million Kering paid in 2024.
Under terms of the agreement announced Tuesday, Kering is contributing the multi-level, 115,000-square-foot Fifth Avenue retail property to a newly created joint venture with Ardian. The two companies executed a similar arrangement earlier this year, with Kering selling a majority stake in three of its Paris real estate assets to Ardian for €837 million, or approximately US$984 million.
“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 financial flexibility,” said Jean-Marc Duplaix, Kering COO.
Other Kering brands include Saint Laurent, Bottega Veneta, Balenciaga, McQueen, Brioni and Boucheron, among others.
- ◦Sale/Acquisition
