Who knows Milan (but also those who know fashion, all over the world) know that one of the most important streets, when it comes to fashion, is via Monte Napoleone. This time the French luxury group is going shopping in one of the most exclusive locations in the fashion district Kering who purchased a building at number 8 for a record sum.
About 1.3 billion dollars, 110 thousand euros per square meter: these are the figures of what is the most expensive operation in terms of value for a single asset that has taken place in Italy. For the French group administered by the entrepreneur François-Henri Pinault: «The investment is part of Kering's selective real estate strategy, which intends to secure highly prestigious and sought-after positions for its Maisons». Maisons that include Gucci, Balenciaga, Saint Laurent, Bottega Veneta and Alexander McQueen, among others.
The building, on the corner of via Sant'Andrea, includes more than 5,000 m2 of commercial surface area, one of the largest on via Monte Napoleone and was purchased by Blackstone – one of the largest American financial companies – which had taken it over from Reale Compagnia Italiana, the real estate portfolio of the Lombard aristocracy.
Among the current tenants within the group's new property Kering there is the historic pastry shop HatchPrada and also Saint Laurenta brand that is part of the French group.
«This operation demonstrates the relevance of the Monte Napoleone district in the context of real estate investments which ensure its privileged long-term position within the Quadrilatero», he states Guglielmo Mianipresident of Monte Napoleone district and adds: «The route has been climbed from 2011 to today from 11th to second place among the most profitable streets in the world and sees a supply that is much lower than retail demand.”
For sure Kering he is not sitting idle and is focusing on the future by redefining, once again, the standards of luxury although this time in the real estate sector.
Source: Vanity Fair
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