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Kering and Simon® today announced the finalization of the sale of 100% of The Mall Luxury Outlets entities held by Kering to Simon, the US real estate investment trust engaged in the ownership of premier shopping, dining, entertainment destinations. The Mall, created in 2001, operates two luxury outlet destinations in Italy, one in Leccio, nearby Florence, and the other in Sanremo, on the Italian riviera.
For Kering, the divestment of this non-core asset will generate net proceeds of approximately €350 million.
Simon, a world-leading operator of shopping, dining and entertainment assets worldwide, is ideally positioned to successfully ensure the continuous operation of The Mall.
Kering’s brands will maintain a presence in these two very high-end shopping villages, the strategy implemented by Kering aiming at gradually concentrating its outlet distribution to a limited number of exclusive venues.
(Press Release)
