Luxury group Kering (Gucci, Saint Laurent, Bottega Veneta, Balenciaga) and the investment company Ardian have completed their investment transfers with regard to a portfolio of three luxury properties in Paris, as was announced on Thursday.
The conditions correspond to the notification of January 15, namely a sale of Parisian real estate worth 837 million euros. Kering retains a 40 percent share of the real estate portfolio, which includes the Hôtel de Nocé on Place Vendôme and two buildings on Avenue Montaigne, all first -class locations in the French capital.
The Hôtel de Nocé is a private city palace in the first arrondissement. From the two buildings on Avenue Montaigne, building number 35 houses a Valentino boutique, where king holds a 30 percent share with the option to increase to 100 percent.
“We are very satisfied with this partnership, which enables us to secure key locations in the long term and at the same time maintain our financial flexibility,” commented Jean-Marc Duplaix, deputy managing director of Kering, in January.
Kering’s participation in the joint venture has been balanced since yesterday according to the equity method.
The independent, independent private equity investment company Ardian, founded and led by Dominique Senequier, recently made headlines with the planned takeover of the French developer for renewable energies Akuo Energy.