The French global luxury group Kering, which owns the brands Gucci, Saint Laurent and Bottega Veneta among others, announced its €1.3 billion ($1.4 billion) purchase of an historic Milanese building at Monte Napoleone 8 from a subsidiary of Blackstone Property Partners Europe. The company said the investment is part of its selective real estate strategy, aimed at securing key highly desirable locations for its Houses. Kering said the property includes more than 5,000 square metres of retail space, making it one of the largest on the via Monte Napoleone.