Singapore’s sovereign wealth fund GIC acquires a majority stake in Sani/Ikos Group (SIG), a group of luxury beach resorts on the Mediterranean.
The Sani/Ikos Group deal is valued at 2.3 billion euros, both companies said in a joint statement.
The transaction is expected to close in the 4th quarter of 2022, subject to customary regulatory approvals.
The founders Stavros Andreadis, Andreas Andreadis and Mathieu Guillemin will remain important shareholders of the group.
Funds managed by Oaktree Capital Management LP, funds managed by Goldman Sachs Asset managementMoonstone, Florac and Hermes GPE will sell their stakes to GIC as part of the deal.
Andreas Andreadis and Mathieu Guillemin will continue to lead SIG as CEOs and co-managing partners, while Stavros Andreadis will become honorary chairman of the group.
“The new partnership with GIC will increase the resources available to the Group to implement its five-year investment plan of more than €900 million, helping to support the local economy and create new jobs in the Mediterranean,” it said. statement.
SIG has also received industry recognition for its ongoing commitment to social responsibility and the future of sustainable tourism. Launched in 2008, the Sani Green program and Ikos Green, which began at the brand’s inception, have evolved over the years into a comprehensive, award-winning ESG program thatto uses to ensure positive environmental, social and economic outcomes.
“We are delighted to welcome GIC on board and look forward to bringing the magic of Sani/Ikos Group to guests from across the Mediterranean and beyond,” said Andreas Andreadis and Mathieu Guillemin, CEOs of Sani/Ikos Group. “The Sani/Ikos group has come a long way in recent years with significant investments, international expansion and strong financial performance. This has been achieved despite the pandemic and thanks to the support of our shareholders, who have been great partners, and our management and employees, whose dedication and talent are unmatched in our industry. We can now strengthen our leadership position in the Mediterranean for the benefit of our shareholders, our people and the communities where we operate.”
Lee Kok Soon, Chief Investment Officer of GIC Real Estate, said: “We prentd to partner with Sani/Ikos Group as they continue their efforts to strengthen their brand and expand their presence in Europe. The group’s assets are well positioned and the team is known for delivering an outstanding hospitality experience. We believe this investment will lead to resilienceright of lient returns and is a testament to our confidence in the Greek and European tourism sector in the long term.”
Tracy Straw, Head of Real Estate Europe, GIC, said: “Given its strong brand, we believe Sani/Ikos Group is well positioned to capitalize on the growth of Europe’s Mediterranean resort market. We look forward to working with SIG’s leadership team to add value by enhancing existing assets and proposalcreation of attractive resort accommodation in the region”.
On July 22, 2021, Sani/Ikos Financial Holdings 1 S.à rl issued €300,000,000 of senior secured notes at a rate of 5.625% due 2026 (the “Notes”). Notes include a portability feature and are expected to remain in place afterward closing of this transaction.