Amundi/Colony NorthStar/GIC/PIF/Predica €4.4 billion acquisition of 55% in AccorInvest

Overview:

• A consortium of investors has reached an agreement to acquire 55% in AccorInvest from AccorHotels for €4.4 billion.
• The consortium of investors included French asset manager Amundi, US real estate investor Colony NorthStar, Singapore’s sovereign wealth fund GIC, Crédit Agricole’s life insurance arm Predica, and Saudi Arabian sovereign wealth fund Public Investment Fund (PIF).
• AccorInvest is the real estate arm of France based hotel chain Accor, Europe's largest hotel operator by number of rooms.
• Accor, which is divided into hotel services and hotel / real estate investment businesses, intends to use proceeds from the transaction to renovate existing properties and expand its portfolio through acquisitions and new developments. 

Ben Naylor - Regional editor