Investcorp pays €70m for Kering’s Italian headquarters

Investcorp’s European real estate arm has entered the Italian market with the €70 million acquisition of an 18,000 sq m office building near Milan’s Linate airport and let to luxury goods multinational Kering.

Kering, which extended its lease on the building, Via Mecenate, 91, just prior to the acquisition owns brands such as Gucci, Yves Saint Laurent and Bottega Veneta and the building is adjacent to Gucci’s Milan headquarters.

Via Mecenate, 91, was fully refurbished in 2019, with only the frame of the existing building being retained. The Property was delivered with a LEED Platinum Core and Shell Development certification in January 2020.

The acquisition expands Investcorp’s real estate portfolio which also includes office and industrial properties in the UK, Germany, the Netherlands and Brussels.

“Our latest acquisition is in line with our ongoing focus on expanding our real estate portfolio across Europe, with a focus on acquiring income-producing assets,” said Investorp’s European real estate head Neil Hasson.

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