Saturday 15 December 2018

Saudi firm eyes stake in Accor property unit

RIYADH, February 22, 2018

Saudi Arabia's Public Investment Fund (PIF) is in talks with international hotel operator Accor to acquire a 15 per cent stake of its property business, said a report.

The potential transaction could value to SR28.66 billion ($7.64 billion), Bloomberg said in a report, citing sources.

PIF is looking to buy a stake in AccorInvest in collaboration with Singapore’s  GIC Pte, the French asset manager Amundi SA and US-based real estate investment trust, Colony NorthStar.

“While discussions are in advanced stages, there’s no guarantee that an agreement will be reached,” the news agency added.

“Discussions are ongoing with tier-one French and international investors,” Bloomberg said, citing Accor's statement.

Tags: Saudi | Stake | Accor | fund | wealth | PIF |

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