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GIC buys stake in Mediterranean luxury resort group Sani/Ikos
Singapore wealth fund upbeat on long-term outlook of European tourism sector
Tom King 23 Sep 2022

Singapore’s GIC has acquired a majority stake in Mediterranean luxury beach resort operator Sani/Ikos Group (SIG) in a deal that values the company at €2.3 billion (US$2.26 billion).

The sovereign wealth fund is buying the stake from Oaktree Capital Management and funds managed by Goldman Sachs Asset Management, Moonstone, Florac and Hermes GPE. The deal is expected to be completed in the fourth quarter.

Founders Andreas Andreadis and Mathieu Guillemin will continue to serve as co-chief executive officers and managing partners of SIG.

SIG has grown from a family-owned Sani Resort in Greece to the fastest-growing luxury resort owner-operator in the Mediterranean. Since its creation in 2015, SIG has expanded its asset base and scale by a factor of four with the backing of blue-chip investors.

Despite the ongoing pandemic, bookings at SIG resorts this year were up 52% compared with 2021 and 57% from 2019, according to a press statement.

The acquisition comes amid predictions that Europe is tilting towards a recession as consumers rein in spending and Russia ups the ante in Ukraine.

Commenting on the transaction, Lee Kok Sun, GIC’s chief investment officer for real estate, says: “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 testament to our confidence in the Greek and wider European tourism sector over the long term.”

In line with GIC’s decarbonization drive, SIG has renewed its pledge to promote social responsibility and sustainable tourism. The Sani Green programme, launched in 2008, and Ikos Green, which began at the brand’s inception, have developed over the years into an integrated, award-winning ESG programme that focuses on delivering positive environmental, social, and governance results.

In 2020, SIG was recognized for operating the first carbon-neutral resort in Greece, which has been running on 100% renewable energy since 2019.

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