Kering Sells Stake in Landmark Paris Buildings to Ardian
- Gucci owner gets €837 million to help with its finances
- Analysts see more real estate deals in the months ahead
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Kering SA agreed to sell a majority stake in three luxury Paris properties to French private equity firm Ardian SAS, a deal that will net the struggling owner of the Gucci fashion label €837 million ($861 million).
The landmark properties — Hôtel de Nocé on place Vendôme and two buildings on avenue Montaigne — will be held by a joint venture. Kering will keep 40% and Ardian will own the rest, the companies said.