PIF sells ‘significant’ stake in FMTech to JLL
Saudi Arabia’s Public Investment Fund (PIF) has sold a “significant” stake in the Saudi Facility Management Company (FMTech), a wholly owned subsidiary, to global real estate consultancy JLL.
PIF will maintain a majority holding in the unit, the sovereign fund said in a statement.
Financial terms and the size of the stake sold were not disclosed.
The deal is part of a broader effort by PIF to attract more local and international private-sector investors to its portfolio companies.
The timeframe for the deal’s closure was not disclosed, but it is subject to meeting regulatory conditions.
Launched in 2023, FMTech serves PIF portfolio businesses, as well as public- and private-sector companies across the kingdom. It offers services including utility management, energy management, waste management, maintenance, housekeeping, security and landscaping.
Further reading:
- PIF to set out strategy for ‘all the way to 2040 and beyond’
- PIF spends $200m in fees to diversify investment
- PIF prepares for ‘leaner, meaner, but more profitable’ future
“JLL’s investment will further accelerate FMTech’s progress and create new growth opportunities that will benefit the sector,” said Saad Alkroud, head of local real estate investment at PIF.
New York Stock Exchange-listed JLL has annual revenue of $23.4 billion and operates in over 80 countries worldwide.
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