QIA Refutes Interest in Kering's Milan Property Acquisition
(Reuters) -The Qatar Investment Authority said on Thursday it had no intention to buy Kering's prestigious building on via Montenapoleone in Milan, after Italian newspaper Corriere della Sera said the investor was eyeing a stake in the property.
Kering declined to comment.
The luxury goods company has said it is looking for investors to refinance its recent real estate acquisitions.
It faces increasing financial pressure amid plummeting sales at its flagship brand Gucci.
Kering bought the Milan property from Blackstone less than a year ago for 1.3 billion euros ($1.4 billion).
In January, Kering transferred three Paris properties to a new joint venture with French private equity Ardian, while retaining a 40% stake, to raise 837 million euros to help refinance its debt.
The group's net debt ballooned to more than 10 billion euros in 2024, largely due to a series of expensive acquisitions.
Kering shares were up sharply in early trade on Thursday, following U.S. President Donald Trump's decision to delay the bulk of his sweeping import tariffs.
($1 = 0.9114 euros)
(Reporting by Tassilo Hummel in Paris, Andrew Mills in Doha and Alessandro Parodi in Gdansk. Editing by Louise Heavens and Mark Potter)
