Kronos Homes concludes sale of Amendoeira Golf Resort to Rolear Group
Kronos Homes has just completed the sale of the residential-tourist resort Amendoeira Golf Resort to the Rolear Group, after five years managing the project. With this sale, the company concludes disposal of the portfolio it acquired from the Oceânico Group in 2018, when it first entered Portugal.
During this period, Kronos Homes repositioned the development, completed the requalification of the resort’s infrastructures, refurbished the Clubhouse, esplanade, restaurants, Sports Centre Bar, having also reinforced the resort’s sports offer with the inauguration of two Padel courts.
The redevelopment of Amendoeira Golf Resort, and Kronos Homes’ strategic plan for the resort, has also resulted in successful real estate sales, with the sale of a total of 241 properties (apartments and villas) to national and international clients.
Located in Alcantarilha, near Silves in the Algarve, the resort offers an elevated lifestyle, with various sporting facilities: two award-winning golf courses, with 18 holes each, a nine-hole floodlit golf course, a Golf Academy, in addition to a driving range and putting green, a football pitch built to FIFA standards, two five-a-side football pitches, six tennis courts, two paddle tennis courts, a fully equipped gymnasium, and a 1km jogging track.
“We are delighted to conclude this transaction, which is another milestone in Kronos Homes’ strategy in the Portuguese market and a recognition of the work we have done in this resort. We are certain that Grupo Rolear will now enhance the facilities of Amendoeira Golf Resort, which has always excelled for the exceptional quality of its golf courses, privacy, low density of construction and natural beauty – characteristics so valued nowadays,” comments Rui Meneses Ferreira, partner of Kronos Homes in Portugal.
Parreira Afonso, Chairman of the Board of Directors of Rolear Group, adds: “Amendoeira Golf Resort, with its several components — tourism, sports and real estate — represents an immense development potential, where Rolear Group may have a key role. This investment allows us to put into practice all the innovation and technology that characterises the organisation’s performance, namely in the area of renewable energies and energy efficiency.”
In a perspective of continuity and development of activity pursued by Kronos Homes, based on existing partnerships and with the contribution of Rolear Group to leverage new challenges and seek new opportunities, this transition aims to integrate the structure of 102 employees of Amendoeira Golf Resort into Rolear Group, which already has around 300 employees.
“This whole operation brings us a greater involvement in the regional economy, an increased social responsibility and a whole new challenge that we hope will contribute to cement Rolear Group as a reference in the various areas in which it operates,” said Parreira Afonso.
Kronos Homes has 13 assets under management in Portugal
Since the beginning of the year, with the acquisition of Portuguese investment manager ECS Capital by US investment fund Davidson Kempner, Kronos Real Estate, as their partner and manager for property development, has increased its portfolio of assets in Portugal, now adding a total of 13 projects, of which eight new developments: Vale do Lobo Golf & Beach Resort, Salema Beach Village, Cascade Wellness Resort, Monte Santo Resort, Conrad Algarve, Salgados Palm Village, Salgados Dunas Suites and also Hilton Vilamoura. These include around 750 properties already built, 425 units to be developed on more than 102,000 metres of land. The deal represents a potential of more than €1 billion in property sales, mainly located in the Algarve region. With this portfolio, Kronos Real Estate is currently one of the leading resort managers and property developers in Portugal.
About Kronos Homes
Kronos Homes is the Kronos real estate 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 it defends architecture as a transformative agent, capable of energising and enriching society. For this reason, it relies on prestigious architects and discovers innovative talent. Kronos Homes is #puredesign. In all projects, sustainability and integration are key assets.
Responsibility, rigour and service vocation define the company’s values, meeting clients’ satisfaction at every stage of the project, exceeding their expectations.
Kronos Homes received the National Real Estate Award in the Tourism category in 2021 with the Clubhouse at Palmares Ocean & Living Golf resort; the European Property Award for the best high-rise residential project in 2020 with “Ikon”, and the best residential project in 2019 with “The Edge”. It also received the Outstanding Property Awards London for the best residential architectural project “Nature” and Honourable Mention for the best real estate project in 2020 with “The Edge”, as well as the 11th Porcelanosa Architecture and Interior Design Award in recognition of the company’s commitment to cutting edge architecture.