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Singapore Sovereign Wealth Fund to Buy Majority Stake in Resort Group Valued at $2.2 Billion

2 weeks ago

The Government of Singapore Investment Corporation has acquired a majority stake in Sani/Ikos Group, a luxury beach resort group in the Mediterranean, for an undisclosed amount.

The transaction that is expected to close in the fourth quarter of 2022, subject to regulatory approval, values the Mediterranean-based luxury resort operator at $2.27 billion.

U.S.-based Oaktree Capital Management, Goldman Sachs Asset Management and Moonstone Investments, French private equity fund Florac and UK-based Hermes Global Private Equity, will be selling their stakes to the Singapore sovereign wealth fund as part of this transaction.

Andreas Andreadis and Mathieu Guillemin will continue to manage the luxury beach resort group as CEOs and co-managing partners, while Stavros Andreadis, who was earlier the managing director of the hotel group, will become honorary chairman, according to a Sani/Ikos statement.

 The three came on board first when Greece-based Sani Resort and Ikos Resorts merged in January 2016.

Speaking about as the hotel group’s efforts to strengthen its brand and expand presence in Europe, Lee Kok Sun, chief investment officer of real estate of the soverign welath fund, said, “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.”

Sani/Ikos Group develops, owns and operates 10 resorts in Halkidiki, Corfu and Kos islands in Greece, and in Marbella and Estepona in the Iberian Peninsula.

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