Kering and Ardian Form Joint Venture for Iconic NYC Property

Kering and Ardian have finalized a joint venture agreement for a prime real estate asset located at 715-717 Fifth Avenue, New York City, effective immediately. This strategic move involves luxury retail spaces spanning roughly 115,000 sq. ft. Kering contributes this property to the joint venture, with Ardian holding a 60% stake, and Kering retaining 40%. This transaction, worth USD900 million, generates net proceeds of USD690 million for Kering.

Jean-Marc Duplaix, Kering's COO, emphasized the enhancement of Kering's financial flexibility through this deal. Ardian, making its first real estate foray into the U.S., sees significant long-term value in this partnership. Ardian's Stéphanie Bensimon praised the prime location's visibility, while Omar Fjer highlighted the firm's commitment to securing high-value assets.