GIC Buying Top Stake in Resort Operator Sani/Ikos


The Ikos Olivia Resort in Halkidiki, Greece

GIC has entered into a strategic partnership whereby Singapore’s sovereign wealth fund, together with the Greece-based company’s management team, will become the lead shareholder in Sani/Ikos Group, a luxury Mediterranean resort owner and operator.

The transaction values ​​Sani/Ikos at 2.3 billion euros ($2.3 billion), the partners said in a press release on Thursday. The transaction is expected to close in the fourth quarter of 2022, subject to customary regulatory approvals.

GIC is buying its stake in Sani/Ikos from existing investors, including funds managed by Oaktree Capital Management and Goldman Sachs Asset Management, as well as smaller companies such as Moonstone, Florac and Hermes GPE. A Financial Times report described the acquisition as a majority stake.

“We are pleased to partner with Sani/Ikos Group as they continue their efforts to strengthen their brand and expand their presence in Europe,” said Lee Kok Sun, GIC’s chief investment officer for real estate. “The group’s assets are well located and the team has a reputation for delivering excellent hospitality experiences. We believe this investment will generate solid returns and demonstrate our confidence in the Greek and European tourism sectors over the long term.”

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favorable winds

Sani/Ikos was founded in 2015 by Stavros Andreadis, Andreas Andreadis and Mathieu Guillemin, who remain significant shareholders. Upon completion of the transaction, Guillemin and Andreas Andreadis will continue to lead the group as CEOs and Co-Managing Directors, while Stavros Andreadis will become Honorary Group Chairman.

lee-kok-sun GIC

GIC’s Lee Kok Sun

Under the Sani and Ikos brand names, the group develops, owns and operates more than 2,750 rooms and suites in 10 resorts in Greece and Spain. Sani/Ikos has secured four more projects in Greece (Corfu and Crete), Spain (Mallorca) and Portugal (Algarve) for further expansion from 2023 to 2025.

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Bookings at the Sani/Ikos resorts are up 52 percent this year compared to 2021, according to the group. The partnership with GIC is intended to further strengthen the available resources to implement a five-year investment plan totaling more than EUR 900 million.

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“Given its strong brand, we believe that the Sani/Ikos Group is well positioned to benefit from the growth of the European Mediterranean resort market,” said Tracy Stroh, GIC’s Head of Real Estate Europe.

Betting on recovery

GIC continues to bet on a recovery in travel demand after the pandemic, with the Mediterranean venture following the fund that bought Seibu Holdings’ portfolio of 15 Prince hotels and 16 other leisure properties in Japan for $1.3 billion in February .

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The world’s most active sovereign wealth fund has increased its foreign exposure, signing three deals worth more than $15.6 billion since August.

Last week, GIC announced it was teaming up with Oak Street, a division of New York-based asset manager Blue Owl Capital, to acquire Warren Buffett-invested Store Capital REIT for $14 billion in cash.

Late last month, the Singaporean investor reportedly helped Florida-based real estate investor and operator Workspace Property Trust buy a controlling interest in 41 suburban office properties totaling 8 million square feet. The $1.13 billion acquisition was supplemented with debt financing from JP Morgan and Canada’s Bank of Montreal.

Also in August, GIC made a bet Down Under by buying a half interest in an A$800 million ($568 million) Melbourne office development from Australian property giant Charter Hall.



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