Kering and Ardian have finalised a $900m joint venture agreement covering a flagship retail property on Fifth Avenue in New York. 

The transaction deepens the partners’ collaboration and marks Ardian’s first real estate investment in the United States.

Under the agreement, Ardian holds a 60% stake in the newly created vehicle, while Kering retains the remaining 40%. The asset, located at 715–717 Fifth Avenue, comprises approximately 115,000 square feet of multi-level luxury retail space on one of the world’s most prominent shopping streets.

Kering contributed the property to the joint venture following a partnership agreed earlier this year. The transaction generated net proceeds of $690m for the luxury group, enhancing its financial flexibility while preserving long-term access to a strategic retail location. Kering’s remaining interest will be accounted for using the equity method.

Jean-Marc Duplaix, Chief Operating Officer at Kering, commented: “As we continue to execute our strategy regarding the management of our real estate portfolio, we are pursuing our successful partnership with leading investment firm Ardian. He added that the deal enabled them to “secure another long term highly prominent retail location” and enhance their “financial flexibility.”

Stéphanie Bensimon, Member of the Executive Committee and Head of Real Estate at Ardian, said: “We are thrilled to continue our partnership with Kering. 715–717 Fifth Avenue offers exceptional visibility and long-term value.”

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