GIC takes majority stake in €2.3bn Mediterranean resort 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 €900m

Singapore’s GIC is buying a majority stake in Mediterranean luxury beach resort firm Sani/Ikos Group (SIG) from investors including Oaktree Capital Management and Goldman Sachs Asset Management, Moonstone Investments, French private equity fund Florac and Hermes GPE.

The sovereign wealth fund has agreed to become a leading shareholder in SIG alongside the €2.3bn beach resort group’s management team.

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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”.

SIG’s CEO and co-managing partner Andreadis and Guillemin said: “Over the past years, the Sani/Ikos Group has led a remarkable path, with significant investments, international expansion and strong financial performance”.

Source: IPE Real Assets

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