Singapore’s GIC is buying a majority stake in Mediterranean luxury beach resort firm Sani/Ikos Group (SIG) from investors including Oaktree Capital Management and Goldman Sachs Asset Management, Moonstone Investments, French private equity fund Florac and Hermes GPE.
The sovereign wealth fund has agreed to become a leading shareholder in SIG alongside the €2.3bn beach resort group’s management team.
Andreas Andreadis and Mathieu Guillemin will continue to manage SIG as CEOs and co-managing partners, while Stavros Andreadis will become honorary chairman of the group.
Created in 2015, SIG operates under Sani Resort and Ikos Resorts brand names. The group develops, owns and operates over 2,750 rooms and suites spread across 10 resorts in Greece and Spain. The group has secured four additional projects for further expansion of the Ikos brand in Greece, Spain and Portugal, planned to launch operations from 2023 to 2025.
The new partnership with GIC is expected to further strengthen the resources available to the group to deliver on its five-year investment plan of over €900m.
Lee Kok Sun, CIO of real estate at GIC, said: “We are pleased to partner the Sani/Ikos Group as they continue their efforts to strengthen their brand and expand their presence in Europe.
“The group’s assets are well-located and the team is known for providing excellent hospitality experiences. We believe this investment will generate resilient returns and is a testament to our confidence in the Greek and wider European tourism sector over the long term.”
Tracy Stroh, region head of Europe Real Estate at GIC, said: “Given its strong brand, we believe the Sani/Ikos Group is well-positioned to capitalise on the growth of the Mediterranean Europe resort market.
“We look forward to working with SIG’s management team to add value by enhancing existing assets and offering attractive resort accommodation in the region.”
Andreadis and Guillemin said: “Over the past years, the Sani/Ikos Group has led a remarkable path, with significant investments, international expansion and strong financial performance.
”This was achieved despite the pandemic and thanks to the support of our shareholders, who were outstanding partners, and to our management and employees whose dedication and talent are second to none in our industry.”
To read the latest edition of the latest IPE Real Assets magazine click here.