Milan, Kering sells Montenapoleone 8 to Al-Mirqab

Kering announced today that it has entered into a settlement agreement, effective immediately, with Al-Mirqab Group for the iconic 18th-century property at Via Monte Napoleone 8, which it owns.

Kering, in practice, contributes the asset to a newly established joint-stock company, 80% owned by the Al Mirqab Group and 20% by Kering itself, whose shareholding will be accounted for using the equity method as of today.

At the closing of the deal, Kering received EUR 729 million, while the remaining EUR 432 million will be paid to the Group over the next five years. According to rumours, Coima will be the asset manager.

Following the partnerships concluded last year on real estate assets located in Paris and New York, this investment is part of Kering's selective real estate strategy aimed at securing key and highly desirable locations for itsMaison, while strengthening its financial flexibility.

In 2024, Kering had acquired the historic building from Blackstone for around EUR 1.3 billion, which, in turn, the Americans acquired in 2021 as part of a portfolio of iconic properties. Located at one of the most important intersections of the Quadrilatero della Moda (Fashion District), the 18th-century building has five floors with a total of 11,800 square metres of gross floor area. The property includes more than 5,000 square metres of retail space, including the famous Pasticceria Cova.