Gucci-owner Kering raises $1.4 billion by offloading majority in Milan building to Qatari buyer
01/04/2026 17:55
PARIS, April 1 (Reuters) - Gucci-owner Kering on Wednesday announced a deal struck with Qatar's Al-Mirqab Group to sell it an 80% interest in its property on Via Monte Napoleone in Milan for 1.16 billion euros ($1.35 billion). The real estate deal is the latest in a string of transactions the French group made to reduce its debt load and defend its credit rating amid weak sales at its fashion brands. Kering will move the building into a joint venture with Al-Mirqab, in which the group will retain a 20% equity stake Kering gets an immediate 729 million euro payment, while another 432 million euros will be paid five years later The disclosed proceeds suggest a 1.45 billion euro valuation in nominal terms Kering acquired the building on Milan's prime shopping lane in 2024 for 1.3 billion euros The group has come under pressure to reduce its debt pile following an aggressive acquisition strategy ($1 = 0.8610 euros) (reporting by Tassilo Hummel) ((tassilo.hummel@thomsonreuters.com))