The French luxury goods group Kering SA has separated from further properties. On Thursday evening, the parent company announced the sale of The Mall Luxury Outlets to the US real estate investor Simon Property Group on Thursday evening. Kering put the net proceeds from the transaction at around 350 million euros.
The Mall Luxury Outlets runs two outlet centers, which are located in Leccio near Florence and in Sanremo on the Italian Riviera. The Kering brands would remain represented there, the group of companies said. This is in line with the group strategy to gradually concentrate the outlet sales on a few exclusive locations.
As a “leading operator of shopping, gastronomy and entertainment objects”, Simon “is ideally positioned in order to successfully continue the operation of The Mall,” says a message.
Just two weeks ago, Kering had ceded three luxury properties in the center of Paris for a total of 837 million euros to a specially founded joint venture with the Ardian investment house. The group also was “not part of the core business,” said the group.