PARIS: 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)