Real estate developer Kronos Homes has sold the Amendoeira Golf Resort in Portugal’s Algarve region to local energy and engineering group Rolear.
The residential-touristic resort near Alcantarilha (Silves) had been managed for the past five years by Kronos Homes.
The property boasts a wealth of sporting facilities: two award-winning golf courses, each with 18 holes, a nine-hole floodlit golf course, golf academy, driving range and putting green, fully equipped gym, 1 km jogging track, football pitch built to FIFA standards, two five-a-side football pitches, six tennis courts and two padel courts.
Since purchasing the resort, Kronos Homes completed significant infrastructure works, including the remodelling of Amendoeira’s clubhouse, terrace, restaurants and sports bar, as well as the addition of two brand new padel courts.
In addition, 241 real estate properties, including apartments and villas, were built and subsequently sold to local and international investors.
Rui Meneses Ferreira, partner, Kronos Homes, said: ‘We are delighted to complete on the sale of Amendoeira Golf Resort, which marks the latest milestone in Kronos Homes’ strategy in the Portuguese market. We are certain that Rolear Group will build on the extensive refurbishment works of the past few years to further enhance the unique strengths of Amendoeira, from its serenity and natural beauty to its exceptional golf facilities and high-quality, low-density homes.’
Parreira Afonso, chairman, Rolear Group, added: ‘Amendoeira Golf Resort, with its various components – tourism, sports and real estate – provides immense potential for further development, and Rolear Group can play a key role in this. Our investment in Amendoeira will allow us to bring the latest innovative technology to the resort, particularly in relation to renewable energies and energy efficiency.’
As part of the deal, the 102 employees of Amendoeira Golf Resort will join the 300-strong team at Rolear Group.
With the sale, Kronos Homes completed the divestment of the portfolio purchased from Oceânico Group in 2018, enabling it to enter the Portuguese residential tourism market.
