Spanish property group Kronos Real Estate will manage and develop a portfolio of 14 projects in Portugal.
The properties consist of 10 resorts and four residential projects, mainly in the Algarve, representing a potential of over €1bn in sales.
The projects include about 750 properties already built and 425 units to be developed on more than 102,000 m2 of land.
The portfolio includes the Vale do Lobo Golf & Beach Resort, as well as residential real estate developments Salema Beach Village, Cascade Wellness Resort, Monte Santo Resort, Conrad Algarve, Salgados Palm Village and Salgados Dunas Suites.
Founding partner and executive chairman of the Kronos group, Saïd Hejal, said: ‘This investment reflects the objectives we have set for our brand in Portugal. It was an excellent opportunity to extend our presence in a market that we consider very relevant to Kronos' activity. We know that with our experience in the market, led by our vision and commitment to excellence architecture, together with our partners and local teams in each of the projects, we will be able to develop, invest and successfully grow this important portfolio.’
The portfolio is part of the so-called ‘Project Crow’ and was sold last December for €850 mln by a consortium of banks to a group of investment funds led by Davidson Kempner Capital.
The ‘Project Crow’ consists of hotels, golf courses, development land and a wide range of tourism and residential properties.
Highgate will be responsible for the management of the hotels in the portfolio.
