By Le Figaro with AFP
Published 2 hours ago, Updated 10 minutes ago
Kering’s investment is estimated at 885 million euros. ERIC PIERMONT / AFP
The French luxury group has acquired a 10,700 square meter building, described as a “new step in (its) selective real estate strategy”.
The French luxury group Kering announced this Monday the acquisition of a 10,700 square meter building on the prestigious 5th Avenue in New York for an amount of 963 million dollars (885 million euros). The building, which includes luxury boutiques on several levels, is located at 715-717 New York Avenue, at the corner of 56th Street and just opposite the Trump Tower where Kering has rented a space since 2008. boutique for its flagship brand Gucci.
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«This investment represents a new step in Kering’s selective real estate strategy, aimed at securing key and highly desirable locations for its Maisons.“, indicated the group in a press release. “In addition to the recently acquired high-profile properties on Avenue Montaigne and Rue de Castiglione in Paris, the group’s real estate portfolio includes iconic assets in Omotesando, Tokyo, as well as the Hôtel de Nocé, which houses the historic Maison Boucheron boutique in Paris», explains the company.
«In accordance with its long-term financial strategy, Kering intends to implement a disciplined and flexible approach to the management of its real estate portfolio.», adds the group. Kering (Saint Laurent, Bottega Veneta, Balenciaga, Alexander McQueen brands, etc.), which achieved a turnover of 20.4 billion euros in 2022, is due to publish its financial results for 2023 on February 8.
2024-01-22 18:04:36
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