The move will see the Kronos Homes brand manage and operate a portfolio of 14
projects: 7 new developments as an addition to the existing portfolio of
tourism and residential developments/resorts which already includes four
residential real estate projects. The new addition to the portfolio encompasses
around 750 key-ready homes, 425 units to be developed and over 102,000 square
metres of land.
The deal will represent a potential of more than €1 billion in
property sales, mainly across the Algarve.
Earlier this year, a consortium led by investment funds
advised by Davidson Kempner Capital Management LP, comprising operating
partners Kronos RE (for the real estate development) and Highgate (for
hospitality), completed the acquisition of leading Portuguese investment
manager ECS Capital. Included in the portfolio are hotels, golf courses, land
for development and a wide range of residential properties.
Kronos Homes is already known for its successful ownership
and operation of the Algarve’s Palmares Ocean Living & Golf and Amendoeira Golf Resort, as well as the development of Distrikt, The One and Zen, all residential projects in Lisbon.
Algarve resorts
Now, Kronos Homes will also be responsible for the
repositioning and real estate commercial operations of a range of resorts
spread along the Algarve, including the management and real estate development
of the renowned Vale do Lobo Resort, with future development plans including a
135-bedroom five star hotel and luxury apartments and Villas.
Also now included in Kronos Homes’ portfolio are the Salema Beach Village, Cascade Wellness Resort, Monte Santo Resort, Conrad Algarve, Salgados Palm Village and Salgados Dunas Suites.
“This investment reflects the goals we have set for our
brand in Portugal. It was an excellent opportunity to extend our presence in a
market we consider very relevant for Kronos' activity.
"We know that with our experience of the market, led by
our vision and commitment for exceptional architecture, alongside our partners
and the local teams on each of the projects, we will be able to develop, invest
and successfully grow this portfolio,” said Saïd Hejal, Founding Partner and
CEO, Kronos Real Estate Group.
Kronos Homes already has an
excellent reputation for the quality of its architecture and for its
lifestyle-focused approach to resort development. The company has amassed
awards for its buildings and a Michelin star at its premier Al Sud restaurant
at Palmares Ocean Living & Golf over the past couple of years. It has also
drawn property buyers from around the world to Portugal.
The expansion marks a significant
step forward, as part of Kronos Homes’ long-term strategy. The developer began
operating in the Spanish residential sector in 2015. Since then, it has grown
its portfolio of businesses and the investment allocated to their development.
It arrived in Portugal at the end of 2017 and now has more than 40 projects
underway in both markets.