US Edition7 Articles
7 Articles
Kering sold its Fifth Avenue building in New York City to Ardian for 766 million euros, as part of its financial strengthening strategy. ...
The luxury group Kering has signed an agreement with the investment company Ardian for the sale of its building on the famous 5th Avenue in New York.
Gucci's Parent Company Takes Haircut In Sale Of Fifth Avenue Trophy
Less than two years after buying a retail condo at 715-717 Fifth Ave., Kering has moved the space to the sales rack. The parent company of Gucci, Yves Saint Laurent and Balenciaga sold a 60% stake in the 115K SF property to French private equity firm Ardian. The transaction values the property at $900M, roughly 7% less than the $963M that Kering paid for the multilevel condo in January 2024.
The asset, on Fifth Avenue 715-717, houses luxury commercial spaces spread over several floors, with an area of about 10,700 m2.
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