Singapore’s sovereign wealth fund, GIC, and Greece-based hotel group Sani/Ikos this week announced an agreement whereby the former will acquire a majority stake in the latter, whose capitalization is estimated at 2.3 billion euros.
The agreement is due to be finalized in the fourth quarter of 2023, pending approval by regulatory and audit authorities.
Since 2015 Sani/Ikos has quadrupled its assets, attracting investment interest by Oaktree Capital Management L.P., Goldman Sachs Asset Management, Moonstone, Florac and Hermes GPE, all of whom will also transfer their stakes in the group to GIC.
According to a press release, Andreas Andreadis and Mathieu Guillemin will remains as CEO and Co-Managing Partners, respectively, while co-founder Stavros Andreadis will be designated as president emeritus of the group.
Sani/Ikos has previously announced a five-year investment plan worth 900 million euros, while in July 2021 the group issued a bond loan worth 300 million euros, with a yield of 5.625 percent and repayment in 2026, but with a right to extend.
In a statement issued a day later, relevant Development & Investments Minister Adonis Georgiadis, in the wake of the announcement, pointed to heightened trust by international investors in placing their money in Greece
“This is the biggest investment in the tourism sector made anywhere in the world after the pandemic,” the minister said, adding that 2022 will mark an all-time record for direct foreign investments flowing into Greece.
Latest News
Number of Turkish Visitors to Greek Islands up 10-Fold After 7-Day Express Visa
More than 20,000 Turkish tourists flocked to the eastern Aegean isles during a nine-day religious period in the neighboring country
Greece to Protect 198 ‘Untouchable Beaches’
These beaches, numbering 198 across the country, fall within the Natura 2000 network and will be off-limits for concession and, by extension, for the placement of umbrellas, sunbeds, etc.
BoG: Feb. Current Account Deficit up by 1.8bln
At current prices, exports dropped by 10.3% (‑10.7% at constant prices) and imports grew by 5.7% (9.4% at constant prices).
Greece Becoming a ‘Refuge’ for German Pensioners
The government's policies to attract foreign property buyers to boot the economy is working, reports German newspaper Handelsblatt
Iran Activates Air Defense System- Reports of Attack by Israel
An Iranian official said explosions reported by Iran's media were the result of the activation of the country's air defense system, yet media reports attribute them to a drone attack by Israel
Poll: Greeks, EU Citizens Eager to Vote in European Elections
EU citizens are eager to vote in the upcoming elections for the European Parliament in June, with eight in 10 saying the current geopolitical situation makes voting imperative
Mitsotakis-Erdogan Meeting in Ankara Fixed for May 13
The Greek PM himself made the announcement from Brussels on Thursday, while he also responded to a question on Athens' intent to create a marine park in the central Aegean, an environmental initiative
Greece Aims to Boost Energy Capacity, Economy with Offshore Wind Farms
Greece’s Energy Ministry is pushing legislation to accelerate the construction of the first floating wind farms in Greek seas
Reuters: Greek Economy Surges After Decade of Pain
Nevertheless, the article also highlights some of the challenges facing the country, with a falling birthrate and labor shortages posing a threat to the long-term outlook
IMF: Greek Growth in 2024 at 2%; Debt to Ease to 158.8% of GDP This Year
Projected consumer prices are forecast to rise by 2.7%