Kronos Real Estate is growing its pipeline as it signed an agreement to manage and operate a portfolio of 14 projects: 7 new developments as an addition to the existing portfolio of tourism and residential developments/resorts which already includes four residential real estate projects. The new addition to the portfolio encompasses around 750 key-ready homes, 425 units to be developed and over 102,000m² of land. The deal will represent a potential of more than €1bn in property sales, mainly across the Algarve.
Kronos Homes is already known for its successful ownership and operation of the Algarve’s stunning Palmares Ocean Living & Golf and Amendoeira Golf Resort, as well as the development of Distrikt, The One and Zen, all residential projects in Lisbon. The company will also be responsible for the repositioning and real estate commercial operations of a range of resorts spread along the Algarve, including the management and real estate development of the renowned Vale do Lobo Resort. A favourite with golfers and holiday makers from across the globe, Vale do Lobo Golf & Beach Resort is already home to 1,500 properties, serving a community of international property owners that encompasses 35 different nationalities, along with a range of amenities and services. Future development plans include a 135-bedroom five star hotel and luxury apartments and Villas.
"This investment reflects the goals we have set for our brand in Portugal. It was an excellent opportunity to extend our presence in a market we consider very relevant for Kronos' activity. We know that with our experience of the market, led by our vision and commitment for exceptional architecture, alongside our partners and the local teams on each of the projects, we will be able to develop, invest and successfully grow this portfolio,” said Said Hejal, Founding Partner and CEO, Kronos Real Estate Group.
The expansion marks a significant step forward, as part of Kronos Homes’ long-term strategy. The developer began operating in the Spanish residential sector in 2015. Since then, it has grown its portfolio of businesses and the investment allocated to their development. It arrived in Portugal at the end of 2017 and now has more than 40 projects underway in both markets.
