Kering goes real estate shopping in Italy: 1.3 billion for a building in Monte Napoleone

Kering goes real estate shopping in Italy: 1.3 billion for a building in Monte Napoleone

The latest numbers from Kering, the international luxury group whose brands include Gucci, Saint Laurent, Bottega Veneta, Balenciaga, Alexander McQueen, they weren’t exciting precisely for the moment of transition of the Florentine maison. But the French giant that is headed by Francois Henri Pinault he doesn’t miss what he considers to be a real estate opportunity and buys the company that owns “the iconic and historic property in via Monte Napoleone 8, in Milan”.

Value of the operation: 1.3 billion euros, a record for a single real estate asset in Italy.

The building was in the portfolio of Blackstone Property Partners Europe. There it ended in the last weeks of 2021, when the fund acquired Reale Compagnia Italiana with its portfolio of 14 prestigious properties (13 in Milan and 1 in Turin). Behind Reale there were many prominent families of Milanese high society: he was the president and point of reference Achille Balossi Restelli and were among the main partners Gian Giacomo Medici of Marignano, Stefano Premoli Trovatifounder of the law firm Tfp&Associati and again Luca Padulli from Vighignolo. And then other noble Lombard families like the Brambilla from Civesio, Barbiano from Belgioioso, Cavagna from Gualdana, De Capitani D’Arzago, Melzi d’Eril, Borromeo, Sioli Legnani and Davico from Quittengo.

At the time, the Montenapoleone palace was defined as the “largest and most iconic” of the Reale lot, from Mediobanca which had followed the sale, a “trophy asset rented to several leading luxury groups (LVMH, Kering, Prada among others)”. And again, one of the “best luxury fashion corners in the world”, with “the famous Cova café acquired by LVMH for over 30 million after a battle with Prada”.

The entire portfolio had changed hands for 1.2 billion and already at that time it constituted the largest acquisition of real estate companies in Italy.

The investment – returning to Kering’s note – is part of Kering’s selective real estate strategy, which intends to secure highly prestigious and sought-after positions for its Maisons.

Located in one of the most important intersections of the Fashion Quadrilatero, the eighteenth-century building – adds the note – is spread over five floors, for a total of 11,800 square meters of gross surface area. The property includes more than 5,000 square meters of commercial space, one of the largest on Via Monte Napoleone.

Kering continues to favor proactive management of its real estate portfolio, with the short-medium term objective of maintaining a stake within its main properties, alongside co-investors present through specific investment vehicles.



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