Luxury resort in the Algarve changes ownership two years before opening – Turismo & Lazer

Singapore’s sovereign fund, GIC, one of the largest investors in the world, bought a majority stake in the capital of the company SIG, owner of the luxury resorts chain, which is valued at 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 first resort in the country, in Albufeira. It will be the group’s sixth hotel in Europe, which has resorts in operation in Spain and Greece.

According to the Spanish real estate newspaper, the Singapore fund’s deal involved the purchase of UK-based Oaktree, Goldman Sachs and Hermes GPE’s stake in the company SIG. The transaction is expected to close in the last quarter of the year and Andreas Andreadis and Mathieu Guillemin will continue to lead the company as CEO and managing partner, while Stavros Andreadis will become honorary chairman of the group.

The entry of the Singapore fund will allow SIG to comply with the plans outlined for the next five years, which involve an investment of over 900 million euros in new units in the Mediterranean.

SIG was created in 2015 and today has ten resorts in Greece and Spain, totaling around 2,750 rooms and suites.