Blackstone’s European core-plus platform has sold an 18th-century building in Italy to luxury fashion brand Kering for €1.3bn.

Kering, which counts Gucci, Saint Laurent and Balenciaga among its brands, said it acquired the 1,800sqm historic building on via Monte Napoleone 8 in Milan from a subsidiary of Blackstone Property Partners Europe.

The building, located on the corner of the city’s Quadrilatero della Moda, includes over 5,000sqm of retail space, making it one of the largest in via Monte Napoleone. Kering said the investment is part of its “selective real estate strategy, aimed at securing key highly desirable locations for its brands”.

“Kering remains focused on proactively managing its real estate portfolio with the short to medium-term objective of retaining a stake in its prime assets alongside co-investors in dedicated vehicles,” the global luxury brand added.

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