Real estate firm JLL is acquiring a significant but non-controlling stake in a subsidiary of Saudi Arabia’s Public Investment Fund (PIF).

JLL is buying a large share in the Saudi Facility Management Company (FMTECH), a PIF majority-owned business that manages large buildings and facilities. 

The financial value of JLL’s stake acquisition was not disclosed, but PIF will continue to hold a majority stake in FMTECH after the transaction.

With the investment, JLL will expand its service capabilities in the Saudi market, as well as integrate its global digital platforms and operating systems into FMTECH.

(Writing by Cleofe Maceda ; editing by Seban Scaria seban.scaria@lseg.com)