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Kering closes sale of majority stake in prime Parisian real estate assets to Ardian
Boucheron-Boutique in Paris. Credits: Boucheron Luxury group Kering (Gucci, Saint Laurent, Bottega Veneta, Balenciaga) and investment firm Ardian have closed their investment transaction regarding a portfolio of three prime real estate assets in Paris according to an announcement on Thursday. The terms are in line with the news released on 15th January, namely a sale of 837 million euros worth of real estate assets in Paris. Kering will retain a 40 percent stake in the portfolio of assets, which includes the Hôtel de Nocé on Place Vendôme and two buildings on Avenue Montaigne, all prime locations in the French capital. Hôtel de Nocé is a private mansion in the first arrondissement. Of the two buildings on Avenue Montaigne, the one at number 35 houses a Valentino boutique, in which Kering holds a 30 percent stake with an option to increase it to 100 percent. “We are very pleased with this partnership, which allows us to secure key locations for the long term while preserving our financial flexibility,” commented Jean-Marc Duplaix, Kering's deputy managing director, in January. Kering's interest in the joint venture will be accounted for by the equity method as of yesterday. France-based, independent private equity investment company Ardian, founded and managed by Dominique Senequier, made headlines recently with its planned acquisition of French renewables developer Akuo Energy.
Luxury group Kering (Gucci, Saint Laurent, Bottega Veneta, Balenciaga) and investment firm Ardian have closed their investment transaction regarding a portfolio of three prime real estate assets in Paris according to an announcement on Thursday.
The terms are in line with the news released on 15th January, namely a sale of 837 million euros worth of real estate assets in Paris. Kering will retain a 40 percent stake in the portfolio of assets, which includes the Hôtel de Nocé on Place Vendôme and two buildings on Avenue Montaigne, all prime locations in the French capital.
Hôtel de Nocé is a private mansion in the first arrondissement. Of the two buildings on Avenue Montaigne, the one at number 35 houses a Valentino boutique, in which Kering holds a 30 percent stake with an option to increase it to 100 percent.
“We are very pleased with this partnership, which allows us to secure key locations for the long term while preserving our financial flexibility,” commented Jean-Marc Duplaix, Kering's deputy managing director, in January. Kering's interest in the joint venture will be accounted for by the equity method as of yesterday.
France-based, independent private equity investment company Ardian, founded and managed by Dominique Senequier, made headlines recently with its planned acquisition of French renewables developer Akuo Energy.
