Overview
- Kering contributed its 115,000-square-foot retail property at 715–717 Fifth Avenue to a new joint venture in which Ardian holds 60% and Kering retains 40%.
- The transaction values the asset at $900 million and delivers $690 million in net proceeds to Kering.
- Kering will account for its 40% stake under the equity method as of the agreement’s effective date.
- Ardian described the deal as its first real estate investment in the United States as it expands its real-assets strategy.
- The structure mirrors a January partnership between the firms for three Paris properties, and the New York valuation sits below the roughly $963 million Kering paid for the site in early 2024.