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Singapore's GIC buys into Sani/Ikos, valuing resorts group at more than US$2.2 billion

Singapore's GIC buys into Sani/Ikos, valuing resorts group at more than US$2.2 billion

A GIC sign is pictured at their office in Singapore on Jul 26, 2022. (File photo: Reuters/Anshuman Daga)

Singapore's GIC has bought a majority stake in Mediterranean luxury beach resort Sani/Ikos Group (SIG), valuing the company at 2.3 billion euros (US$2.27 billion), the companies said in a joint statement on Thursday (Sep 22).

The Singaporean sovereign wealth fund has bought a stake held by investors that include Oaktree Capital Management, Goldman Sachs Asset Management and UK-based Hermes GPE.

This partnership will help the resort group to deliver on its five-year investment plan of over 900 million euros and create jobs in the Mediterranean, the joint statement said.

Andreas Andreadis and Mathieu Guillemin will continue to manage SIG as CEOs and co-managing partners, the companies said.

"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", GIC's chief investment officer of real estate Lee Kok Sun said, adding that the group's assets are well located.

The deal is expected to close in the fourth quarter of 2022. Morgan Stanley acted as a financial adviser.

Source: Reuters/st

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