Kering, the luxury group, announced the sale of an 80% stake in its iconic 18th-century building located on Via Monte Napoleone 8 in Milan to Al-Mirqab Group. The transaction, effective immediately, values the 11,800 square meter property at €1.16 billion, with Kering receiving €729 million at closing and the remaining €432 million to be paid in five years. Kering will retain a 20% interest in the newly formed joint stock company that holds the asset, reflecting its strategy to secure key locations for its brands while enhancing financial flexibility. This move follows similar partnerships regarding real estate assets in Paris and New York. The property is a significant asset in Milan's Quadrilatero della Moda, housing Kering's Saint Laurent store, Prada, and the LVMH-owned Cafe Cova.
Separately, in another significant Milan luxury real estate deal, José Auriemo Neto, CEO of Brazilian luxury real estate holding company JHSF Capital, acquired Palazzo Taverna Medici del Vascello on Via Bigli for €52.5 million. This translates to over €22,000 per square meter, including garages and cellars, marking one of the most substantial private palace transactions in Milan recently. This acquisition is JHSF Capital's first venture into Milan, building on its existing Italian investments, such as a large luxury development in Sardinia.
