Singapore's GIC buys majority stake in Mediterranean resort group

Singapore's GIC has bought a majority stake in the Mediterranean luxury beach resort Sani Ikos Group SIG, valuing the company's value at 2.3 billion dollars US $2.27 billion, the companies said in a joint statement on Thursday.

The joint statement said that this partnership will help the resort group deliver on its five-year investment plan of over 900 million euro and create jobs in the Mediterranean.

Andreas Andreadis and Mathieu Guillemin will continue to manage SIG as CEOs and co-managing partners, the companies said.

GIC's chief investment officer of real estate Lee Kok Sun said that the group's assets are well located and that they're testament to our confidence in the Greek and wider European tourism sector over the long term.

The deal is expected to close in the fourth quarter of 2022. Morgan Stanley was a financial adviser.