Kering buys from Blackstone for 1.3 billion via Montenapoleone 8. Kryalos advisor

Kering purchased the property in via Montenapoleone 8 from Blackstone Property Partners Europe for 1.3 billion, a record price for a single transaction in Italy.
The property consists of 5 mixed-use floors above ground for a total gross surface area of ​​approximately 11,800 m2, including 5000 m2 of retail spaces which make the property one of the largest in the entire Via Montenapoleone.
The building hosts, among other tenants, the historic Milanese café Cova and the fashion brands Prada and Saint Laurent.
Kryalos di Paolo Botteli acted as advisor.
James Seppala, Head of Real Estate Europe at Blackstone, comments to Monitorimmobiliare: "This transaction represents an excellent result for our investors and demonstrates the extraordinary demand for high-quality properties in the most robust markets".
The property is part of the 13 that Blackstone acquired in 2021 from Reale Compagnia Italiana through a public offering carried out with the advisory of Mediobanca. The group of properties had been purchased for 1.3 billion, an amount repaid by the sale of the single property to Kering.