Arrow Global has completed the purchase of the Palmares Ocean Living and Golf resort from King Street Capital Management and Kronos Homes for an undisclosed amount.
The sale follows six years of extensive investment and development of the resort by King Street and Kronos Homes since acquiring it through a joint venture in 2017.
Located in Portugal's Lagos municipality, the 200 hectares of Palmares Ocean Living & Golf has a 27-hole golf course, four kilometres of beach access, a boutique hotel and a range of residences.
The resort currently has 80 apartments developed. The first phase of the Signature Apartments and Signature Villas sold out. The second phase, which is currently under construction, has already sold a majority of the units. In addition, 60 per cent of Palmares land designated for luxury villas has been sold.
For Kronos Homes, it is not the end of the firm's involvement in the Algarve. 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.
What they said
Paul Brennan, co-head of real estate at King Street, said: "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."
Saïd Hejal, founder and CEO of Kronos Real Estate Group, said: "Kronos Homes has positioned Palmares as Algarve's most iconic luxury resorts, while setting a new standard for cutting edge architecture. We are extremely proud to pass this unique project to a new investor, who will complete the next chapter of Palmares history."
Rui Meneses Ferreira, partner and managing director of Kronos Homes, said: "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."