Prada, an Italian luxury fashion house, agreed to acquire 724 Fifth Avenue building, a commercial real estate located in Manhattan, New York, from Wharton Properties, a commercial real estate company, for $425m. The Purchaser has been leasing the Prada Store from the Vendor since 1997. The Board believes that the Property’s location offers high strategic value being characterised by increasing scarcity and long-term potential; furthermore, the area in the immediate vicinity of the Property has recently seen an influx of significant investments that have further improved the residential, hospitality and retail appeal.