The acquisition of the former US base at Gournes, in the municipality of Hersonissos, Heraklion, by the Sani/Ikos Group for €72.5 million marks a deal that benefits both sides.
On one side, Dimand is divesting an asset at a price well above what it paid to acquire the property around 14 months ago. On the other, the hotel group, with its Greek roots, is strengthening its presence in Crete by acquiring a prime 346-stremma seafront site, with potential for the development of a large luxury resort.
For the listed company, the transaction is another move to unlock value and recycle capital. For Sani/Ikos Group, whose main shareholder is Singapore’s sovereign wealth fund GIC, it marks an important step in its geographical expansion. After entering western Crete with Ikos Kissamos in Chania, the group is now establishing an investment presence in the wider Heraklion area.
On the site acquired from listed company Dimand, the group plans to develop one of the largest and most luxurious resorts in its portfolio under the Ikos Resorts brand, with around 600 rooms, suites and villas.
Beyond the site’s size and prime characteristics, progress already made in the permitting process adds further value for the new owner, as Dimand had advanced the investment project’s preparation before the transfer.
The choice of location is also linked to the prospects created by the construction of the new international airport at Kastelli. The new airport is expected to improve international access to the wider Heraklion area, creating further conditions for the development of high-end tourism.
Dimand’s divestment
Under the deal, listed company Dimand, through its wholly owned subsidiary Arcela Investments Limited, transferred all the shares in «Gournes Development and Property Management Single-Member S.A.» to Ikos Luxco S.À.R.L., a Sani/Ikos Group company. The seaside property is owned by that company.
The transaction price was €72.5 million, part of which was used to repay in full a Dimand bond loan with principal of €39.9 million.
The listed company acquired the company that owns the property from REDS, then a subsidiary of Ellaktor Group, in September 2025 for €40.1 million. In around 14 months, Dimand therefore resold the company for €32.4 million more than its original acquisition price.
This difference reflects the significantly higher price in the new transaction, but does not equate to Dimand’s net economic gain.
The move represents a faster divestment than the usual cycle for developing and realising value from Dimand’s properties. It is, however, in line with the listed company’s strategy: rather than holding on to the properties it develops over the long term, it prepares them for sale and then sells them.
According to reports, Sani/Ikos Group was the only investment group with which Dimand was in talks to sell the site. The same reports say, however, that the listed company had also held discussions with hotel operators about the property’s management potential.
During the period since acquiring the property, Dimand advanced the investment’s permitting process, with the public consultation on the environmental impact assessment already completed.
This is a significant development, as key preparatory procedures have already advanced for the property being transferred to the new investor, reducing some of the outstanding issues that a project starting from scratch would face.
According to the relevant announcement, Dimand is in talks with the buyer to support the smooth continuation of the permitting process.
No construction budget has yet been announced for the new resort at Gournes, beyond the price paid for the property. The group’s current plans put the expected completion date in 2031-32.
From western to eastern Crete
The new investment is part of Sani/Ikos Group’s broader plans to strengthen its presence in Crete, where it made its debut with Ikos Kissamos, which welcomed its first guests in spring 2026.
The first phase of development at the resort in Kissamos, Chania, represents an investment of more than €220 million. A second phase has already been planned, adding 100 rooms and suites in 2028.
Once the expansion is complete, Ikos Kissamos will have a total of 520 rooms, suites and bungalows on a seafront site of around 214 stremmata.
The acquisition of the Gournes site will allow the group to expand its geographical footprint, extending its investment activity from Chania to the wider Heraklion area.
The investment programme
The new project adds to a wider investment programme worth more than €1 billion, which includes new hotels and upgrades to existing facilities in Greece, Spain and Portugal.
Sani/Ikos Group currently has 13 resorts in Greece and Spain, with a total of 3,991 rooms and suites. Three more resorts, with a combined 1,550 rooms, are under development in Halkidiki, Marbella in Spain and the Algarve in Portugal, and are due to open by 2029.