Lend Lease has sold its UK facilities management business to GDF Suez UK subsidiary, Cofely.
According to Construction News, this is the latest move in the market by Cofely, who bought Balfour Beatty’s WorkPlace FM arm last year.
The sale of Lend Lease Facilities Management (LLFM) will increase Cofely’s portfolio for long-term FM contracts in the public sector and healthcare market, it said.
The group added that over the next 25 years the contracts would give it a “guaranteed revenue stream” of £2.5bn.
The price paid for LLFM was not disclosed.
GDF Suez executive vice-president Jérôme Tolot, who is in charge of the group’s Energy Services business, said the acquisition “reinforces” the group’s strategy to “further evolve” in the UK.
He added: “It continues to strengthen our service capability and our credentials as a leading UK service provider.
“LLFM has many synergies with our existing business and it will also provide us with the addition of a full lifecycle management capability.
“This will allow us to introduce and integrate new smart and low-carbon energy-efficient technologies into buildings for customers over the term of the contracts.”
Recent contract wins by Cofely include a £300m FM contract with Telereal Trillium for the Department of Work & Pensions portfolio and a long-term contract with BP for utility services at Sullom Voe Oil & Gas Terminal in the Shetland Islands.
The group has a turnover of £1bn and employs more than 15,000 people.