Reported about 11 hours ago
Kering SA has agreed to sell a majority stake in three prestigious Parisian properties to French private equity firm Ardian for €837 million. This transaction, which includes the Hôtel de Nocé and two buildings on avenue Montaigne, will allow Kering to reduce its debt as it faces declining demand and financial challenges. Kering will retain a 40% interest in the properties, while Ardian will own the remaining stake. The deal, set to close in the first quarter, signifies Kering's strategy to leverage real estate assets to stabilize its financial situation amid decreasing profits.
Source: YAHOO