Premia Properties REIC has announced that its EUR 112.5 million acquisition of 100% of the share capital of Sunwing Hotels Hellas Single Member S.A. — which owns the 4-star Sunwing Kallithea Beach resort in Rhodes and the 4-star Sunwing Makrigialos & Ocean Beach Club resort in Crete — from Nordic Leisure Travel Group has successfully closed.
The deal was initially announced by Premia on August 1st, 2024.
NLTG, which has operated the Hotels for over 40 years, will continue their operation as a tenant, under a lease agreement with an initial term of 15 years and an option for extension for an additional 10 years. The initial annual rent, which will be paid starting January 1st, 2025, amounts to approximately EUR 8.5 million, subject to annual rent adjustment based on CPI.
Additionally, Premia reports, NLTG will enter into Premia’s share capital through a share capital increase involving 7,628,000 new shares and the transfer of 1,563,177 treasury share at a price of EUR 1.36 per share, resulting in NLTG possessing a 9.66% stake in Premia’s share capital.
Debt financing for the transaction was provided by the National Bank of Greece.