Investment firm Ardian is acquiring a 60% stake in three real estate complexes in France from luxury fashion brand Kering, which will retain the remaining 40% and receive €837m.
The deal involves the creation of a joint venture to hold the Hôtel de Nocé, located at 26, place Vendôme, and two buildings located at 35-37 and 56, avenue Montaigne properties in Paris.
Jean-Marc Duplaix, Kering’s EVP and COO, said: “We are very pleased with this partnership, which allows us to secure key locations over the long term while preserving our financial flexibility. Ardian, a leading investment firm, is a quality partner with whom we share a French heritage and a common vision.”
Stéphanie Bensimon, member of the executive committee, member of the management board of Ardian France and head of real estate at Ardian, said: “We are proud to partner with Kering, a global leader in luxury, to invest in iconic assets in the most prestigious locations in Paris.
“This long-term partnership illustrates an innovative approach to real estate strategy for luxury groups such as Kering. It opens up new opportunities for growth and, thanks to our expertise, allows us to create value for our customers.”
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