Kering acquires prime Fifth Avenue property for 963 million dollars

French luxury fashion house Kering has announced the acquisition of a New York City property comprising multi-level luxury retail spaces for a consideration of 963 million dollars.

The company said in a statement that the said property totaling approximately 115,000 sq. ft., is located at 715-717 Fifth Avenue, on the Southeast corner of 56th Street in New York.

This investment, the company added, represents a further step in Kering’s selective real estate strategy, aimed at securing key highly desirable locations for its Houses.

In addition to recently acquired prime properties on avenue Montaigne and rue de Castiglione in Paris, the group’s portfolio includes landmark assets in Tokyo’s Omotesando, and the Hôtel de Nocé housing Boucheron’s Paris flagship.