Singapore’s sovereign wealth fund GIC is to takeover as leading shareholder of Sani/Ikos Group in a transaction that values the business at €2.3 billion.
The enlarged Sani/Ikos Group was creation in 2015 and since then it has expanded its asset base and scale by a factor of four with the backing of investors including funds managed by Oaktree Capital Management L.P., funds managed by Goldman Sachs Asset Management, Moonstone, Florac and Hermes GPE. All of which will be selling their stakes to GIC as part of this transaction.
Co-founders Andreas Andreadis and Mathieu Guillemin, will remain significant shareholders, and will continue to manage SIG as CEOs and co-managing partners, while the other co-founder, Stavros Andreadis, will become honorary chairman of the group.
In 2022, bookings at SIG resorts were up 52% compared with 2021 and 57% compared with 2019.
The new partnership with GIC will further strengthen the resources available to the group to deliver on its five-year investment plan of over €900 million.
The transaction is expected to close in the 4th quarter of 2022, subject to customary regulatory approval.
What they said
Andreas Andreadis and Mathieu Guillemin, CEOs of the Sani/Ikos Group, 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 beyon. 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, 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, region head of Europe, real estate, 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.”