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French law firm Gide Loyrette Nouel and Paris-based Lacourte Raquin Tartar were called in as legal advisors on Gucci-owner Kering’s deal to sell three of its Paris real estate assets to a new joint venture with French private equity firm Ardian.
Gide advised Kering on the deal, while Lacourte Raquin Tatar assisted Ardian. The deal will free up €837m in proceeds for the Gucci-owner. The portfolio of the new entity, in which Kering will keep a 40% stake, includes Hôtel de Nocé, located at 26 Place Vendôme, famous for its jewellery boutiques, and two others on Avenue Montaigne, one of Paris’s main high-end shopping streets.
The transaction is part of Kering’s broader real estate strategy, aimed at securing control of luxury, high-profile retail locations while also raising cash.
Kering deputy CEO and chief operating officer Jean-Marc Duplaix commented: “We are very pleased with this partnership, which allows us to secure for the long term highly prominent retail locations while preserving our financial flexibility. With Ardian, a leading investment firm, we have found a quality partner with whom we share a French heritage and a common vision.”
Stéphanie Bensimon, a member of Ardian’s executive committee and head of real estate, commented: “We are proud to partner with Kering, a global leader in luxury, to invest in iconic, stabilised properties on the premier luxury streets of Paris. This long-term, innovative joint venture embodies a transformative approach to real estate strategies for luxury groups like Kering, while opening new avenues for growth and leveraging our expertise to deliver exceptional value for our investors.”
The deal is expected to close in the first quarter of 2025.
The Ardian deal team included Bensimon and real estate team members Omar Fjer, Sébastien Begué and Camille Russel.
The Gide team included partners Frédéric Nouel and Jean-Gabriel Flandrois, along with counsels Pierre-Adrien Vibert and Elise Bernard, consultant Thomas Khelifi and associates Manon Garoui and Marion Toualit on real estate and M&A matters; partner Laurent Modave, of counsel Julien Aillet and associates Léa Grandfond and Alix Pricot on tax matters; partner Emmanuel Vital-Durand and Caroline Pineau on public law matters; partners Laetitia Lemercier and Laurent Vincent and counsel Faten Anis on joint venture-related matters, with Guillaume Pichat and Emilie Radisson advising on financing aspects.
Lacourte Raquin Tatar’s team was coordinated by partner Guillaume Jeannet alongside partner Nicolas Jüllich and associates Eugénie Bossé, Sacha Partensky, Etienne Beaudor and Joseph Deschamps on M&A aspects; partner Jean-Yves Charriau and Enora Mangin on tax aspects; partner Damien Grosse, counsel Clémentine Castel and associates Nina Gilles, Catherine Mounier, Romain Duval and Chloé Goldstein on real estate law aspects; partner Vincent Guinot and associate Pierre-Olivier Derro on public law/urban planning aspects; and partner Chloé Thiéblemont and associate Camille Tauziède on financing aspects.
Paris-based multinational Kering specialises in luxury goods and owns brands including Yves Saint Laurent, Gucci, Balenciaga, Bottega Veneta, Creed, Maui Jim and Alexander McQueen.
Ardian, formerly Axa Private Equity, is a France-based independent private equity investment company, founded and managed by Dominique Senequier. It is one of the largest European-headquartered private equity funds.
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