-Strategic Partnership between NLTG and Premia Properties
PREMIA Properties REIC and Nordic Leisure Travel Group announce that on 31.07.2024 they signed a binding agreement under which PREMIA will acquire from “NLTG HH Greece SINGLE MEMBER S.A (“Seller”) 100% of the share capital of “SUNWING HOTELS Hellas SINGLE MEMBER S.A”.
“SUNWING HOTELS Hellas SINGLE MEMBER S.A” owns and operates the hotel “Sunwing Kallithea Beach” located in Rhodes. In addition, it owns 100% of the subsidiary company “Helios Palace S.A.”, which owns and operates the hotel “Sunwing Makrigialos & Ocean Beach Club” (“O.B.C.”) located in Crete (collectively “the Hotels”).
- “Sunwing Kallithea Beach” is a 4-star hotel complex located in Kallithea, Rhodes. The area of the plot is 118.000 sq.m. and the gross area of the buildings (including auxiliary spaces) is 42.700 sq.m., with a total capacity of 534 keys.
- “Sunwing Makrigialos & Ocean Beach Club” is a 4-star hotel complex located in Ierapetra, Crete. The area of the plot is 54.000 sq.m. and the gross area of the buildings (including auxiliary spaces) is 25.200 sq.m., with a total capacity of 262 keys.
The transaction price amounts to €112,500,000 subject to adjustments in the legal, technical and financial due diligence framework in accordance with the terms of the purchase and sale agreement (SPA).
NLTG Group has been successfully operating the two hotels for a long time (50 years Sunwing Kallithera Beach and 40 years Sunwing Makrigialos & Ocean Beach Club) and will continue to operate them through a long-term lease agreement (triple-net) of the Hotels, with an initial duration of 15 years and an extension option for an additional ten (10) years (5+5).
The aforementioned sale-and-lease-back transaction in the hotel industry is a strategic partnership between PREMIA and NLTG.
The Seller, NLTG HH GREECE SINGLE MEMBER S.A., is a subsidiary of Nordic Leisure Travel Group, a tour operator based in Stockholm, Sweden, which is owned by a group of investors based in Scandinavia.
Specifically, Strawberry Group holds 39.7% of the share capital, Altor Funds holds 39.7%, TDR Capital 19.9% and the investment community together with its management NLTG 0.7% through NLTG MIPCo.
The transaction is subject to obtaining the necessary approvals (including the Hellenic Competition Commission) and the transfer of the operational operation of the Hotels to a subsidiary of Nordic Leisure Travel Group, under the name “NLTG Hotels Hellas SINGLE MEMBER S.A.”
National Bank of Greece will finance the transaction through a bond issue.
The transaction is expected to close in the fourth quarter of 2024.
Petter Stordalen, founder and owner of Strawberry Group, said: “This deal marks a new and exciting chapter. We are excited about our new partnership with PREMIA Properties. Combining the long experience in the hotel industry of NLTG Group and the impressive business track record of PREMIA and Elias Georgiadis, I am confident that together we will create added value and growth. I have personally experienced the importance of working with professional property owners abroad and I look forward to future collaborations in Greece with our new partner.”
Elias Georgiadis, CEO of STERNER STENHUS and President of PREMIA, made the following statement: “We are very happy to proceed with this strategic move by joining forces with one of the largest tourism companies in Europe which was founded and is headquartered in Scandinavia with a significant presence in Greece. I want to personally thank Petter Stordalen for trusting us in such an important investment step for PREMIA. This partnership opens the horizon for new investment opportunities in the tourism industry with our new strategic partner.”
Magnus Wikner, CEO of NLTG said: “I am delighted that we have entered into this strategic partnership with PREMIA as it will enable us to explore and develop hotels with a modern concept in Greece that will serve Scandinavian guests. Greece is a destination country during the summer season and there is a great demand for our hotels in Greece.”
Costas Markazos, CEO of PREMIA stated: “This transaction is a strategic choice for PREMIA in the growing hotel industry. Upon completion of this investment, we will significantly increase both the size of the portfolio and the company’s revenues.”
Η PREMIA Properties
PREMIA Properties is a Real Estate Investment Company (REIC), with shares traded on the Athens Stock Exchange. The Company invests in the creation of a diversified portfolio that offers attractive and sustainable returns, focusing on logistics, serviced apartments, commercial real estate (big-boxes), social buildings mainly in the education sector and other sectors such as wineries. The aim is to acquire sustainable properties, high returns and to conclude long-term leases with reliable tenants. PREMIA has been awarded as “The Most Sustainable Company in Greece 2023” and is a member of the Athens Stock Exchange ESG Index and the Greek Sustainability Code, reflecting its commitment to implementing leading environmental practices.
The Strawberry Group
The Strawberry Group is a private company comprised of companies in the finance, real estate and hospitality industries. Strawberry Equities is part of the Strawberry Group. Its investment portfolio consists of unlisted companies in various industries, with a focus on companies in the travel sector, including NLTG. The Strawberry Group also owns one of the largest hospitality companies in the Nordic countries, Strawberry Hotels, with its portfolio consisting of more than 240 hotels, as well as meeting rooms and arenas, restaurants and spas. Through the Strawberry app, web and loyalty program, 3 million Strawberry members have access to a vast experience.
Nordic Leisure Travel Group (NLTG)
NLTG is a leading travel operator in the Nordic countries, with 1.5 million annual sales in travel destinations founded in 1956. The Company offers holiday packages to consumers under the brands Ving (SE/NO), Spies (DK) and Tjäreborg (FI). NLTG has an integrated operating model with its own award-winning domestic Sunclass Airlines featuring a modern fleet of 11 Airbus, A330 and A321 aircraft, several of which are the latest version of the NEO. It has its own hotel section consisting of 9 full-service Sunwing Family Resorts, 3 luxury Ocean Beach design clubs and 12 adults-only Sunprime hotels.
In Greece, NLTG provides charter flights and scheduled flights to Rhodes, Crete, Skiathos, Athens, Kavala, Mytilene, Samos, Santorini, Thessaloniki, Corfu, Preveza and operates in these areas offering a wide variety of different hotels in its program.
