Kering Pays 1.3 Billion Euros for Milan's Via Montenapoleone 8 Property

MILAN – Competition in retail real estate is heating up. Kering said Thursday that it has acquired a storied building on luxury thoroughfare Via Montenapleone in Milan. The transaction with the building’s former owner, a subsidiary of Blackstone Property Partners Europe, was valued 1.3 billion euros. The 18th-century palazzo, one of the largest on the street located at the heart of Milan’s Golden Triangle luxury shopping district, spans five floors covering over 127,000 square feet. “This investment is part of …