Kering and Ardian have finalized a joint venture agreement for a landmark New York property, effective immediately. The asset, located at 715-717 Fifth Avenue, sits on one of the world’s most famous corridors and comprises about 115,000 square feet (10,700 square meters) of multi-level luxury retail space.
Following a partnership established earlier this year, Kering will contribute the property to a newly created joint venture with Ardian. The venture will hold a 60% stake, while Kering will own 40%. Kering’s interest in the venture will be accounted for using the equity method as of today.
The deal is valued at USD 900 million (EUR 766 million), with Kering receiving net proceeds of USD 690 million (EUR 587 million).
Jean-Marc Duplaix, Kering’s Chief Operating Officer, commented: “As we continue to execute our real estate strategy, we’re advancing our successful collaboration with Ardian. Similar to the Paris investment agreement, this transaction secures another prominent long-term retail location for our Houses while enhancing our financial flexibility.”
Stéphanie Bensimon, Member of the Executive Committee and Head of Real Estate at Ardian, added: “We’re excited to extend our partnership with Kering. 715-717 Fifth Avenue offers exceptional visibility and long-term value. This marks Ardian’s first real estate investment in the United States and signals our strategic expansion into a highly attractive market.”
Omar Fjer, Head of Real Estate France and Managing Director at Ardian, noted: “This transaction demonstrates Ardian’s expertise in structuring innovative partnerships and securing assets with strong fundamentals. We are committed to acquiring and managing ultra-prime properties in the most sought-after locations to deliver lasting value for our stakeholders.”
About Kering
Kering is a global, family-led luxury group home to brands across ready-to-wear, couture, leather goods, jewelry, eyewear, and beauty, including Gucci, Saint Laurent, Bottega Veneta, Balenciaga, McQueen, Brioni, Boucheron, Pomellato, Dodo, Qeelin, Ginori 1735, as well as Kering Eyewear and Kering Beauté. Guided by a heritage of creativity, Kering’s Houses design and craft exceptional products and experiences that embody the Group’s commitment to excellence, sustainability, and culture. This philosophy is captured in our motto: Creativity is our Legacy. In 2024, Kering employed 47,000 people and generated revenue of €17.2 billion.
Contacts
Press
Emilie Gargatte +33 (0)1 45 64 61 20 emilie.gargatte@kering.com
Caroline Bruel +33 (0)1 45 64 62 53 caroline.bruel-ext@kering.com
Analysts/investors
Philippine de Schonen +33 (0)6 13 45 68 39 philippine.deschonen@kering.com
Aurélie Husson-Dumoutier +33 (0)1 45 64 60 45 aurelie.husson-dumoutier@kering.com
About Ardian
Ardian is a global, diversified private markets firm with 22 offices and more than 350 investment professionals worldwide. We offer investment solutions that reflect evolving economic dynamics and help clients stay resilient in a changing world, delivering multi-local expertise and long-term performance for investors and partners, while creating value for society. Since our inception in 1996, Ardian has focused on diversification and tailored solutions at scale. Our approach combines commitment, knowledge, and technology to generate lasting value for the companies we work with. Ardian currently manages or advises about $196 billion for more than 1,890 clients across Private Equity, Real Assets, and Credit. Ardian. Mastering change for lasting value.
ardian.com
