GDF Suez buys UK facilities management unit from Lend Lease

July 07, 2014 - 12:36:11 pm

PARIS: French gas and power group GDF Suez has bought the UK facilities management business of Australian property group Lend Lease, the firm said in a statement on Monday.

GDF is making the acquisition through its Cofely energy and technical services unit and said the deal will provide Cofely with a guaranteed revenue stream of 2.5 billion pounds through a portfolio of contracts with the healthcare, education, government and retail sectors. It gave no financial details.

Cofely said in December it planned to buy several smaller peers with combined revenue of 1 billion euros to drive home its advantage as Europe's biggest provider of energy services for buildings.

Last year, it bought the facilities management business of British infrastructure firm Balfour Beatty for 190 million pounds.

German industrial services company Bilfinger, one of Cofely's main competitors, is also on an acquisition drive in this industry and said earlier this month it still has 650 million euros available to fund acquisitions until end-2015. (Reuters)

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