Accor: announcement ahead for real estate division
(CercleFinance.com) - According to the Financial Times (FT), Accor would be the on the point of finalising the partial sale of its property division, HotelInvest.
The group could make an announcement about this before it publishes its FY accounts on 21 February.
Due to the project's complex nature, aiming to reduce the hotel group's capital intensity (and therefore make it into an asset-light company), has fallen behind its initial schedule as it was set to be finalised in H2 2017.
Anyway, the group, which is headed by Sebastien Bazin would be close to completing the deal: according to the FT, five institutional investors appear to be interested. These include the French player Amundi and the life insurer Predica, a subsidiary of Crédit Agricole. There is also the US fund Colony NorthStar, the Singapore sovereign fund GIC, and Saudi Arabia's PIF.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
The group could make an announcement about this before it publishes its FY accounts on 21 February.
Due to the project's complex nature, aiming to reduce the hotel group's capital intensity (and therefore make it into an asset-light company), has fallen behind its initial schedule as it was set to be finalised in H2 2017.
Anyway, the group, which is headed by Sebastien Bazin would be close to completing the deal: according to the FT, five institutional investors appear to be interested. These include the French player Amundi and the life insurer Predica, a subsidiary of Crédit Agricole. There is also the US fund Colony NorthStar, the Singapore sovereign fund GIC, and Saudi Arabia's PIF.
Copyright (c) 2018 CercleFinance.com. All rights reserved.