GIC to Take Majority Stake in Sani/Ikos Luxury Resort Group
GIC, a leading global investment firm in Singapore, has agreed to buy a majority stake in the Mediterranean luxury beach resort group, Sani/Ikos, in a transaction that values the company at 2.3 billion euros.
Other investors in Sani/Ikos Group include Oaktree Capital Management L.P., Goldman Sachs Asset Management, Moonstone, Florac and Hermes GPE who will be selling their stakes to GIC as part of the transaction.
Founded in 2015, Sani/Ikos has grown from the family-owned Sani Resort in Greece to one of the fastest-growing luxury resort owner-operator in the Mediterranean.
Sani/Ikos was founded by Stavros Andreadis, Andreas Andreadis and Mathieu Guillemin, who will remain significant shareholders in the Group following the transaction by GIC.
Andreas Andreadis and Mathieu Guillemin will continue to manage SIG as CEOs and Co-Managing Partners, while Stavros Andreadis will become Honorary Chairman of the Group.
The new partnership with GIC is expected to further strengthen the resources available to the Group to deliver on its five-year investment plan of over 900 million euros and aim to contribute to the support of local economies and the creation of new jobs in the Mediterranean.
Established in 1981, GIC is the manager of Singapore’s foreign reserves and today has investments in over 40 countries.
Lee Kok Sun, CIO of real estate at 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 a testament to our confidence in the Greek and wider European tourism sector over the long term.”
The deal with Sani/Ikos is expected to close in the fourth quarter of 2022, subject to customary regulatory approval.
According to the CEOs of the Sani/Ikos, Andreas Andreadis and Mathieu Guillemin, the deal with GIC will solidify the Group’s leading position across the Mediterranean.
“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,” Andreadis and Guillemin said.
Under the brand names Sani Resort and Ikos Resorts, the Sani/Ikos Group develops, owns and operates over 2,750 rooms and suites spread across 10 unique resorts in Greece and Spain, all ranked amongst the best luxury resorts in the world.
The Group has secured four additional projects (1,578 rooms, suites and villas) for further expansion of the Ikos brand in Greece (Corfu & Crete), Spain (Mallorca) and Portugal (Algarve), planned to launch operations from 2023 to 2025 and aims to continue developing the Sani Resort and Ikos Resorts brands in Greece and abroad.