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Kering SA will sell a majority stake in three Paris properties to French private equity firm Ardian, a deal that will net the struggling owner of the Gucci fashion label €837 million ($861 million).
A new joint venture with Ardian will hold three Kering properties — at Hôtel de Nocé on place Vendôme, and two buildings on Avenue Montaigne. Kering will retain 40 percent, with Ardian owning the rest, the company said Wednesday. The deal is expected to close in the first quarter of 2025.
Like other luxury goods companies, Kering has been hit by waning demand, particularly in China. The company said last year it would study options for its real estate assets to help get its finances in order.
Chief financial officer Armelle Poulou said in October she expected Kering to have net debt of about €11 billion by the end of last year, excluding any property deals.
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