GIC buys majority stake in Sani/Ikos, valuing resorts group at $3.2b

BENGALURU - Singapore sovereign wealth fund GIC, one of the world's biggest investors, has bought a majority stake in Sani/Ikos Group (SIG) in a deal that values the Mediterranean luxury resorts operator at €2.3 billion (S$3.2 billion), both companies said in a joint statement on Thursday.

The deal comes as Covid-19 curbs ease and travel recovers in Europe, despite risks of high inflation and the war in Ukraine. In 2022, bookings at SIG's resorts jumped 52 per cent compared with 2021, and were 57 per cent higher versus 2019, according to the statement.

Since it was established in 2015, SIG has grown to own and operate more than 2,750 rooms and suites spread across 10 resorts in Greece and Spain, according to the statement. It is expanding further in Greece, Spain and Portugal, and is aiming to continue developing its brands of resorts in Greece and abroad.

"The group's assets are well-located and the team is known for providing excellent hospitality experiences," Mr Lee Kok Sun, chief investment officer for real estate at GIC, said. "We believe this investment will generate resilient returns and is testament to our confidence in the Greek and wider European tourism sector over the long term."

GIC is buying the stake from investors that include Oaktree Capital Management, Goldman Sachs Asset Management and British-based Hermes GPE as part of the transaction, which is expected to be completed in the fourth quarter, the statement said. It did not disclose the price of the stake.

Dr Andreas Andreadis and Mr Mathieu Guillemin will continue to manage SIG as chief executives and co-managing partners, while Mr Stavros Andreadis will become honorary chairman of the group. All three individuals remain significant shareholders alongside GIC, according to the statement.

The strategic partnership with GIC will help the resort group deliver on its five-year investment plan of more than €900 million and create jobs in the Mediterranean, the statement added.


Follow ST on LinkedIn and stay updated on the latest career news, insights and more.

A version of this article appeared in the print edition of The Straits Times on September 24, 2022, with the headline GIC buys majority stake in Sani/Ikos, valuing resorts group at $3.2b. Subscribe