Spanish real estate developer Kronos will manage and operate a portfolio of 14 projects, seven of which are new developments. Of the total projects, ten are resorts and four residential. Properties are mainly located in the Algarve.
The Spanish real estate developer Kronos that was included in the consortium that bought the Crow Project will manage and operate 14 projects that were part of the portfolio bought from the banks, of which seven are new developments.
In a statement, Kronos also says that of the 14 projects, ten are resorts and four are residential and that the new assets in the portfolio “include about 750 properties already built, 425 units to be developed in more than 102,000 square meters of area.
The deal, the statement also says, represents “a potential of more than a billion euros in property sales, mostly located in the Algarve region.
The Kronos RE was a partner in the consortium led by investment funds advised by Davidson Kempner Capital Management LP, being responsible for property development, and that bought the banks a portfolio of properties with the value of the deal to around 850 million euros.
Now, Kronos Homes “will also be responsible for the repositioning and commercial real estate operations” of several resorts in the Algarve, including the property management and development of Vale do Lobo Golf & Beach Resort.
From this portfolio, now to be developed by Kronos Homes, are also the developments: Salema Beach Village, Cascade Wellness Resort, Monte Santo Resort, Conrad Algarve, Salgados Palm Village and Salgados Dunas Suites.
