(Reuters) -The Qatar Investment Authority (QIA) is eyeing the purchase of a stake in Kering's prized building on Via Monte Napoleone in Milan, Italian newspaper Corriere della Sera reported on Thursday, citing unnamed sources.

Kering declined to comment, while QIA could not immediately be reached for comment.

Kering shares were up sharply in early trade on Thursday, following a reprieve in U.S. President Donald Trump's tariffs.

The potential deal for the Milan property, which Kering acquired less than a year ago for 1.3 billion euros ($1.4 billion), comes as the luxury conglomerate faces increasing financial pressure due to plummeting sales at its flagship brand Gucci.

Kering reached a similar deal with Ardian in January when it transferred three Paris properties to a joint venture while retaining only a 40% stake, raising 837 million euros in proceeds to refinance its debt.

The group's net debt has ballooned to more than 10.5 billion euros in 2024, largely due to a series of expensive acquisitions.

($1 = 0.9114 euros)