The building has five floors with a total area of around 11,800 sq m and is used for mixed purposes. In addition to offices and apartments, this prestigious address in the most expensive shopping street in Europe – and the second most expensive in the world – is home to luxury brands such as Saint Laurent, Prada and Burberry. The 18th century palazzo is also home to Milan’s historic Café Cova, which is owned by LVMH SE.
“This operation demonstrates the importance of the Monte Napoleone district in the field of real estate investment, which secures its privileged position within the Quadrilatero, the district, in the long term,” says Guglielmo Miani, President of the Monte Napoleone district in a statement. The street has climbed from 11th to second place among the most profitable streets in the world from 2011 to today and sees a much lower supply than retail demand.”
credit:via monte napoleone 8-kryalos
The purchase price of 1.3 billion euros is the largest ever paid for a single property in Italy. The French group Kering bought the company (Share Deal) that owns the property, which is managed by Kryalos (advisor) and controlled by Blackstone. The Palazzo was one of 13 properties acquired by Blackstone from Reale Compagnia Italiana (with Mediobanca as advisor) at the end of 2021. The total price for the entire portfolio was estimated at around €1.2 billion at the time.
In January 2024, Kering started its luxury real estate shopping spree and acquired a property on Fith Avenue in New York City for around 963 million dollars.
The Kering luxury group includes brands such as Gucci, which generates around two thirds of the company’s profits, as well as Botega Veneta, Balenciaga, Saint Laurent, McQueen, Brioni, Boucheron and Pomellato. Last year, around 49,000 employees worked for the group and turnover amounted to around 19.6 billion euros.
The luxury group also bears responsibility for sustainability and the next generations and has therefore extended its partnership with the London College of Fashion and launched new programs. Based on data reported through CDP’s 2023 Climate Change, Forests and Water Security questionnaires, Kering is one of only 10 companies that achieved a triple ‘A’ – out of over 21,000 companies scored. The Group is the only Luxury Fashion Group to have earned the prestigious ‘AAA’ rating across the whole industry, rewarding its leadership in Climate Change, Water Security and Forests.
