Premia Properties REIC, a real estate investment firm, has officially acquired two Sunwing Hellas resorts in Greece. According to the news, the transaction strengthens Premia’s presence in the country’s thriving hospitality sector.
The purchase, concluded on December 19, includes full ownership of “SUNWING HOTELS Hellas SINGLE MEMBER S.A.” The acquisition was valued at €112.5 million, includes two four-star properties: the Sunwing Kallithea Beach on Rhodes and the Crete resort Sunwing Makrigialos & Ocean Beach Club.
Highlights of the Acquisition
- Properties involved: Sunwing Kallithea Beach in Rhodes and Sunwing Makrigialos & Ocean Beach Club in Crete
- Acquisition value: €112.5 million
- Annual lease arrangement: €8.5 million starting January 1, 2025
- Investor partnership: Nordic Leisure Travel Group (NLTG) to hold a 9.66% stake in Premia Properties
Long-term Operation Agreement with NLTG
As part of the agreement, NLTG, which has managed the resorts for over four decades, will continue operating them under a long-term lease. The lease arrangement will begin in January 2025 with an annual rental rate of €8.5 million. There will be annual adjustments based on the Consumer Price Index (CPI), so that there will be equitable alignment with market conditions.
The deal also reinforces the business relationship between the two companies. NLTG is set to acquire 7,628,000 newly issued shares and 1,563,177 treasury shares in Premia for €1.36 per share. This strategic move boosts NLTG’s ownership in Premia Properties to 9.66%, underscoring a long-term commitment.
Financial Backing and Regulatory Approval
The deal was funded through debt financing from the National Bank of Greece, with approval from the Hellenic Competition Commission and the Hellenic Capital Market Commission.
Premia’s collaboration with NLTG paves the way for future growth in the Greek hospitality market. Adding these Sunwing Hellas resorts in Rhodes and Crete further solidifies Premia’s position as a key player in real estate investment.
