Kering to Get $690 Million From NY Property Stake Sale to Ardian

Gucci owner Kering SA will get $690 million following its sale of a stake in a New York property to French investment fund Ardian as part of the fashion group’s efforts to shrink its debt.

Kering and Ardian formed a joint venture for the 715-717 Fifth Avenue property in Manhattan, which includes retail space totaling around 115,000 square feet (10,700 square meters), the companies said in a statement Tuesday.

Ardian will hold a 60% stake in the venture with Kering owning the rest. The deal amounted to $900 million with net proceeds for Kering reaching $690 million.

The move follows ...