Singapore’s GIC has bought a majority stake in the Mediterranean luxury resort of Sani/Ikos Group (SIG), valuing the company at €2.3 billion ($2.27 billion), the companies said in a joint statement on Thursday (22). September).
Singapore’s sovereign wealth fund has purchased a stake held by investors including Oaktree Capital Management, Goldman Sachs Asset Management and UK-based Hermes GPE.
This partnership will help the resort group to implement its five-year investment plan of more than €900 million and create jobs in the Mediterranean, the joint statement said.
Andreas Andreadis and Mathieu Guillemin will continue to lead SIG as CEOs and co-managing partners, the companies said.
“We believe this investment will deliver resilient returns and demonstrate our long-term confidence in the Greek and broader European tourism sector,” said GIC’s chief investment officer of real estate Lee Kok Sun, adding that the group’s assets be well located.
The deal is expected to close in the fourth quarter of 2022. Morgan Stanley acted as financial advisor.