Arrow in Palmares acquisition plan

Arrow Global, an asset manager specialising in private credit and real estate assets, is in negotiations to buy the Palmares Ocean Living and Golf resort development in Lagos, Algarve from Kronos.

The mooted acquisition follows Kronos’ attempt to sell the asset to SPX Capital, one of the largest asset management companies in Brazil – the deal fell through.
The acquisition, if it goes though, will be communicated to the Portuguese competition authority Autoridade da Concorrência.
It would be the latest in a shopping spree by the company that in June this year bought the Dom Pedro hotels in Vilamoura, Lagos and Madeira.
Earlier this year Kronos Homes, a Spanish real estate group, sold the Amendoeira Golf Resort to the Rolear Group after five years managing the project after it had bought it from the Grupo Oceânico in 2018.