Luxury goods group Kering has acquired the historic building, Via Monte Napoleone 8, in Milan, after purchasing the company that owned it for €1.3 billion.
Monte Napoleone was last year ranked as the second most expensive high street in the world at $1,766 per square foot.
The 18th-century palazzo, one of the largest on the street located at the heart of Milan’s Golden Triangle luxury shopping district, spans five floors covering more than 127,000 square feet.
The stately five-floor palazzo is already home to the Saint Laurent store, part of the Kering group, and features 53,800 square feet worth of retail space on the ground and also first floors.
The seller is a subsidiary of Blackstone Property Partners Europe.
Located on the most prominent corner of the city’s Quadrilatero della Moda, the 18th century building has a gross area of 11,800 square meters.
The France-based group says, “This investment is part of Kering’s selective real estate strategy, aimed at securing key highly desirable locations for its houses.
“Kering remains focused on proactively managing its real estate portfolio with the short- to medium-term objective of retaining a stake in its prime assets alongside co-investors in dedicated vehicles.”
The image, by FlavMi, is from Wikimedia and is reproduced under CreativeCommons.
