Davidson Kempner Capital Management has closed the purchase of the so-called Crow Project in what is considered to be the biggest real estate deal of 2022 in Portugal.
The sellers were Portuguese banks Novo Banco, BCP and Caixa Geral de Depósitos.
The overall value of the transaction was not disclosed by the parties but is estimated to be around €850 mln.
Novo Banco was the only party involved to release any figures, saying it received €224 mln from the operation.
The Crow Project involves the disposal of two recovery funds that own hotel properties, land developments and other commercial assets across Portugal, managed by ECS.
The portfolio includes the Governor’s Palace and nine other Nau hotels, as well as the Cascatas Golf & Resort Spa by Hilton, among others.
The sale represents the end of a long and complex process that began in early 2021, when the assets were put up for sale.
The operation was completed following verification of the stipulated contractual conditions and after receiving the green light from regulators in Portugal and Luxembourg.
