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.

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