Kering sells majority stake at 717 Fifth Ave for $690M

Kering made good on its goal to sell a massive stake in the Fifth Avenue property it bought roughly two years ago. Private equity firm Ardian bought a 60 percent stake in 715-717 Fifth Avenue from Gucci’s parent company, the two firms announced on Tuesday morning. The deal values the 115,000-square-foot property at $900 million and will see Kering score $690 million in proceeds. Kering is hanging on to a 40 percent stake in the Plaza District property, which it bought early last year from Jeff Sutton and SL Green for $963 million. The acquisition was part of a strategy […] This article originally appeared on The Real Deal. Click here to read the full story.