Qatari investment firm Al Mirqab is acquiring an 80% stake in an 18th-century building in Italy owned by luxury fashion brand Kering for €1.16bn.
The Doha-based investment firm has acquired the majority interest in a newly created joint stock company holding the 1,800sqm building at Via Monte Napoleone 8 in Milan.
Kering, which will retain the remaining 20% stake in the asset, said it will receive proceeds of €729m at closing, while the remaining €432m will be paid to the group five years later.
“Following the partnerships concluded last year regarding real estate assets located in Paris and New York, this investment is part of Kering’s selective real estate strategy, aimed at securing highly desirable key locations for its Houses while enhancing its financial flexibility,” the fashion brand said.
Coima acted as asset manager on the transaction and will continue to serve as asset manager for the building going forward.
The sale of the asset comes two years after Blackstone sold the property to Kering for €1.3bn. At the time, Kering said the investment was part of its selective real estate strategy aimed at securing key locations for its brands.
Investment firm Ardian also acquired a 60% stake in three real estate complexes in France from Kering, which retained the remaining 40% interest and received €837m.
The deal involved the creation of a joint venture to hold the Hôtel de Nocé at 26 Place Vendôme, alongside two buildings located at 35-37 and 56 Avenue Montaigne in Paris.
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