Singapore’s sovereign wealth fund, GIC, one of the world’s largest investors, has bought a majority stake in the capital of SIG, the owner of the luxury resort chain, valued at about 2.3 billion euros, says Eje Prime.
SIG operates the Sani and Ikos Resort brands, which will debut in Portugal in 2024, with the opening of the country’s first resort, in Albufeira. It will be the group’s sixth hotel in Europe, with resorts operating in Spain and Greece.
According to the Spanish property newspaper, the Singapore fund’s deal involved buying Britain’s Oaktree, Goldman Sachs and Hermes GBE’s stake in SIG. The deal is expected to close in the fourth quarter of the year and Andreas Andreas and Matthew Guillemin will continue to lead the company as CEO and Managing Partner, while Stavros Andreas will become Group Chairman Emeritus.
The entry of the Singapore Fund will allow SIG to implement the specific plans for the next five years, which include an investment of more than 900 million euros in new units in the Mediterranean.
SIG was established in 2015 and today has ten resorts in Greece and Spain, totaling around 2,750 rooms and suites.
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