(Finance) – Keringthe French luxury giant, has announced theacquisition of a prestigious property in New York comprising multi-level luxury retail spaces, totaling approximately 115,000 square feet, or 10,700 m2, located at 715-717 Fifth Avenue, on the southeast corner of 56th Street, for a fee of 963 million dollars (885 million euros).
With this transaction, Kering acquires “exceptional points of sale in one of the most iconic streets in the world“,
reads a note from the group, which controls iconic brands such as Gucci, Saint Laurent, Bottega Veneta and Balenciaga.
This investment represents “a further step forward in Kering’s selective real estate strategy, aimed at ensuring highly desirable key locations for its Maisons“, is underlined.