Greece: Singaporean investor GIC has become a leading shareholder in the luxury beach resort group Sani/Ikos Group (SIG) in a transaction which values SIG at €2.3 billion.
Custom to approval, the transaction is expected to close in Q4 2022.
SIG’s founders – Stavros Andreadis, Andreas Andreadis and Mathieu Guillemin – will remain significant shareholders. A. Andreadis and Guillemin will continue to manage SIG as CEO’s and co-managing partners, while S. Andreadis will become honorary chairman of the group.
Oaktree Capital Management, Goldman Sachs Asset Management, Moonstone, Florac and Hermes GPE will be selling their stakes to GIC as part of the transaction.
The strategic partnership with GIC will enable SIG to deliver its five-year investment plan of over €900 million.
A. Andreadis and Guillemin said: “We are excited to welcome GIC on board and look forward to bringing the Sani/Ikos Group magic to guests across the Mediterranean and beyond. 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. We can now solidify our leading position across the Mediterranean, to the benefit of our shareholders, our people and the communities where we operate.”
Lee Kok Sun, chief investment officer 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 testament to our confidence in the Greek and wider European tourism sector over the long term.”
Tracy Stroh, European regional head of 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.”
Morgan Stanley acted as financial advisor and Kirkland & Ellis LLP acted as legal counsel to Sani/Ikos Group in the transaction.
Sani/Ikos operates two brands – Sani Resort and Ikos Resorts – comprising 10 properties located in Greece and Spain. The group has secured four additional projects (1,578 rooms, suites and villas) for further expansion of the Ikos brand in Greece (Corfu and Crete), Spain (Mallorca) and Portugal (Algarve).
GIC is the manager of Singapore’s foreign reserves and is positioned across a range of asset classes and strategies including equities, fixed income, real estate, private equity, venture capital and infrastructure. GIC alongside APG recently acquired a stake in The Student Hotel.