Kering and Ardian finalize a joint venture agreement for a landmark New York property [Yahoo! Finance]
KERING SA UNSP/ADR (PPRUY)
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Source: Yahoo! Finance
KERING AND ARDIAN FINALIZE A JOINT VENTURE AGREEMENT FOR A LANDMARK NEW YORK PROPERTY Kering and Ardian today announced the execution of a joint venture agreement effective immediately regarding the Kering property located at 715-717 Fifth Avenue in New York City. This exceptional location on one of the world's most iconic avenues comprises multi-level luxury retail spaces totaling approximately 115,000 sq. ft (10,700 sq. m.). Following the partnership concluded earlier this year, Kering is contributing this asset to a newly created joint venture with Ardian, which will hold a 60% stake, with Kering retaining 40%. Kering's interest in the joint venture will be accounted for under the equity method as of today. The transaction amounted to USD900 million (EUR766 million), with net proceeds for Kering USD690 million (EUR587 million). Jean-Marc Duplaix, Kering Chief Operating Officer, declared: “As we continue to execute our strategy regarding the management of our real estate po
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