French-based global luxury group Kering has acquired a prestigious New York City property located at 715-717 Fifth Avenue, on the south-east corner of 56th Street, for $963 million (€885 million).
The property comprises multi-level luxury retail space covering an impressive 115,000 square feet (approximately 10,700 square metres).
Kering acquired exceptional retail locations on one of the world’s most iconic avenues.
Kering said this investment represents a further step in its selective real estate strategy, aimed at securing key highly desirable locations for its Houses.
In addition to recently acquired prime properties on avenue Montaigne and rue de Castiglione in Paris, the Group’s portfolio includes landmark assets in Tokyo’s Omotesando, and the Hôtel de Nocé housing Boucheron’s Paris flagship.
In line with its longstanding financial strategy, Kering intends to execute a disciplined and flexible approach with regards to the management of its real estate portfolio.
A global Luxury group, Kering manages the development of a series of renowned Houses in Fashion, Leather Goods and Jewelry: Gucci, Saint Laurent, Bottega Veneta, Balenciaga, Alexander McQueen, Brioni, Boucheron, Pomellato, DoDo, Qeelin, Ginori 1735 as well as Kering Eyewear and Kering Beauté.
