Global alternative investment firm King Street Capital Management and Spanish real estate investor Kronos Homes have completed the sale of the Palmares Ocean Living & Golf in Portugal’s Lagos municipality to funds managed by Arrow Global.
The sale follows six years of extensive investment and development of Palmares by King Street and Kronos Homes since acquiring the resort through a joint venture in 2017. This included the crafting of a masterplan for the resort in 2019 and the addition of a new National Real Estate Award winning clubhouse home to the Michelin star Al Sud restaurant.
The development of Palmares has progressed rapidly under Kronos Homes’ management, with over 80 apartments developed. The first phase of the Signature Apartments and Signature Villa, designed by RCR Arquitectes, sold out ahead of schedule. The second phase, which is currently under construction, has already sold a majority of the units. In addition, 60% of Palmares land designated for luxury villas has been sold.
'Kronos Homes has positioned Palmares as Algarve’s most iconic luxury resorts, while setting a new standard for cutting edge architecture,' said Saïd Hejal, founder and CEO of Kronos Real Estate Group. 'We are extremely proud to pass this unique project to a new investor, who will complete the next chapter of Palmares history.'
Delivering sea views across the Alvor Estuary, the 200 hectares of Palmares Ocean Living & Golf is home to a 27-hole golf course, four kilometres of beach access stretching to Lagos, a boutique hotel and a range of residences.
Kronos Homes remains active in the Algarve and is currently investing €500 mln in a major expansion of the Vale do Lobo resort, with plans for 460 new residences.