The Public Investment Corporation (PIC) recently announced a joint venture between JLL and the Empact Group to broker the sale of various of its properties — a strategic decision to optimise the Government Employees Pension Fund (GEPF) property portfolio. The PIC says it has identified about 70 assets that fall outside its investment criteria that it wants to dispose of in 2021.

What the PIC has done with this joint venture is the start of what I believe will be a growing trend to optimise private equity and investment holding company portfolios by appointing external advisers. While property assets are quite different to equity, the same most likely applies to the PIC’s vast equity portfolio...

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