Acquisition puts Kronos with access to potential €1,000M in property sales. Majority in the Algarve

Earlier this year, a consortium led by investment funds advised by Davidson Kempner Capital Management LP, including operating partners Kronos Real Estate (for real estate development) and Highgate (for hospitality), completed the acquisition of Portuguese investment manager ECS Capital.

This new acquisition positions Kronos Real Estate as one of the leading resort managers and property developers in Portugal.

The change will allow the Kronos Homes brand to manage and operate a portfolio of 14 projects: there are 7 new developments to complement the existing portfolio, which includes, among others, four real estate/residential projects.

The portfolio’s new assets include approximately 750 properties already built, 425 units to be developed in over 102,000 square meters of area.

The deal represents a potential of more than 1,000 million euros in property sales, located mainly in the Algarve region.

Kronos Homes will now develop 10 resorts and 4 residential projects, mostly in the Algarve.

Included in the portfolio are hotels, golf courses, development land and a wide range of tourist/residential properties.

In Portugal, Kronos Homes manages the resorts, Palmares Ocean Living & Golf and Amendoeira Golf Resort, and has developed the residential projects Distrikt, The One and Zen, in Lisbon.

Now, Kronos Homes will also be responsible for the repositioning and commercial real estate operations of a series of resorts in the Algarve, including the management and real estate development of the emblematic Vale do Lobo Golf & Beach Resort.

This portfolio, now being developed by Kronos Homes, also includes the important developments Salema Beach Village, Cascade Wellness Resort, Monte Santo Resort, Conrad Algarve, Salgados Palm Village and Salgados Dunas Suites.

The expansion marks a significant step forward as part of Kronos Homes’ long-term strategy. The promoter started operating in the Spanish residential sector in 2015. Since then, it has increased its portfolio of companies and the investment attributed to the strong development of the projects it leads.

It arrived in Portugal at the end of 2017 and now has more than 40 projects underway in both markets.