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Kering (OTC:PPRUY), the French luxury group that owns the Gucci, Saint Laurent and Alexander McQueen brands, has acquired a multi-level retail space on New York City’s Fifth Avenue.

The company paid $963 million for the 715-717 Fifth Ave. property on the southeast corner of 56th Street. The property encompasses approximately 115,000 square feet.

“This investment represents a further step in Kering’s selective real estate strategy, aimed at securing key highly desirable locations for its Houses,” said the company in a press statement. “In addition to recently acquired prime properties on avenue Montaigne and rue de Castiglione in Paris, the Group’s portfolio includes landmark assets in Tokyo’s Omotesando, and the Hôtel de Nocé housing Boucheron’s Paris flagship. In line with its longstanding financial strategy, Kering intends to execute a disciplined and flexible approach with regards to the management of its real estate portfolio.”

This transaction marks the second time within a month that a global luxury brand acquired prime retail real estate on Fifth Avenue – in December, Prada paid $425 million to buy the property it had been leasing since 1997.

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