King Street and Kronos Homes complete the sale of Palmares Ocean Living and Golf
LONDON, Nov. 28, 2023 /PRNewswire/ -- King Street Capital Management ("King Street"), a leading global alternative investment firm, and Kronos Homes, a Spanish real estate investor and developer, today announced they have completed the sale of the Palmares Ocean Living & Golf ("Palmares" or "the resort") 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 designed by Pritzker Prize winner RCR Arquitectes and home to the Michelin star Al Sud restaurant.
"We are thrilled to announce the successful sale of Palmares," said Paul Brennan, Co-Head of Real Estate at King Street. "This milestone represents the culmination of years of hard work and dedication from our team, and we are confident that Arrow Global will build on the resort's rich legacy, taking it to even greater heights."
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."
Located in Portugal's Lagos municipality and delivering sea views across the Alvor Estuary, the 200 hectares of Palmares Ocean Living & Golf has an exceptional reputation and is now home to a 27-hole golf course, four kilometres of beach access stretching to Lagos, a boutique hotel and a range of exceptional residences.
Rui Meneses Ferreira, Partner and Managing Director of Kronos Homes, added, "We would like to express our gratitude to all stakeholders whose hard work has made it possible to achieve such results at Palmares. It is exciting to know that Palmares will continue its development while the Kronos Homes team focuses on developing phase 2.0 of our company and adding value to our other assets within Portugal."
For Kronos Homes, it is not the end of the firm's involvement in the Algarve. Far from it. Since early 2023, the firm has been managing a large portfolio of assets, which includes Vale do Lobo Golf & Beach Resort. The Group is now investing €500 million in a major expansion of Vale do Lobo, with plans for 460 new residences.
About Kronos Homes
Kronos Homes is the Kronos Real Estate Group developer focused on residential projects with a clear commitment to architecture and design. It was founded in 2015 with a vocation to lead the Spanish market, with high quality projects, in which we defend architecture as a transformative agent, capable of energising and enriching society. For this reason, we trust prestigious architects and discover innovative talent. Kronos Homes is #puredesign. In all projects, sustainability and integration are key assets.
Responsibility, rigor, and service vocation define the values of the company in order to satisfy the client at all stages of the project and exceed their expectations.
Kronos Homes has received the National Real Estate Award in the Tourism category 2021 for the Clubhouse of Palmares Ocean & Living Golf; the European Property Award for the best high-rise residential project in 2020 for Ikon and for the best residential project in 2019 for The Edge. It also received the Outstanding Property Awards London for best architectural design for its residential project Nature and Honourable Mention for best property project in 2020 for The Edge. It has also received the 11th Porcelanosa Architecture and Interior Design Award in recognition of the company's commitment to cutting edge architecture.
For more information, visit: www.kronoshomes.com
About King Street Capital Management
King Street Real Estate, the real estate investment arm of King Street Capital Management, invests in equity and debt in dislocated markets and complex situations. Since inception, King Street has completed $15 billion of real estate securities and real estate-related investments.
King Street is a global alternative investment firm founded in 1995 that manages over $24 billion in assets across public and private markets. The firm marries rigorous fundamental research with tactical trading and differentiated sourcing capabilities to identify misunderstood and complex investment opportunities across asset classes, up and down the capital structure. For more information, please visit www.kingstreet.com.
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