PIF partners with global investor groups to acquire 55% stake in AccorInvest

Press Releases
03 October 2018 Damam, KSA
PIF partners with global investor
  • AccorInvest owns 891 hotels in key European cities under AccorHotels brands
  • The transaction forms part of PIF’s International Investment Pool
  • The deal leverages the Kingdom’s positioning and its international investment footprint in line with the PIF Program [2018 – 2020] and Vision 2030

The Public Investment Fund (PIF) announced its intention to participate in a consortium to acquire a 55% stake in AccorInvest, the world leader in hotel real estate which owns 891 hotels operating under the AccorHotels commercial brands and focused primarily on the economy and midscale segments.

PIF intends to partner in the acquisition with a group of investors comprising GIC Private Limited (Singapore), Credit Agricole Assurances, Amundi and Colony NorthStar, as well as other investors.

The transaction is subject to certain antitrust and regulatory approvals and will be submitted to a shareholders’ meeting of AccorHotels for consultation. It is expected to be finalized in the second quarter of 2018.

The planned investment in AccorInvest diverses the Fund’s portfolio of hospitality real estate properties located throughout key European cities, in addition to offering attractive and sustainable long-term returns. This aligns with PIF’s investment strategy of continue building strong global investment partnerships and supporting efforts to achieve Vision 2030’s ambitions to develop Saudi Arabia into a global investment powerhouse.

PIF’s International Investment Pool portfolio aims to consolidate and strengthen the Fund’s performance as active contributor in the international economy and the partner of choice for international investment opportunities.