UK’s Arrow invests €400M in Palmares

King Street Capital Management, a company specialising in alternative investments, and Kronos Homes, an assets investor and Spanish real estate developer, have announced that they have completed the sale of Palmares Ocean Living & Golf to funds managed by the UK’s Arrow Global.

Arrow Global has revealed that the combined investment is around €400 million according to business daily Negócios and that Arrow’s investment was around €110 million.
“The assets include 200 hectares of land located between Alvor and Lagos in the Algarve. Arrow Global is a European asset manager of vertically integrated alternative assets, specialising in private credit and real estate, and has invested in the resort in collaboration with a Portuguese construction firm that it didn’t want to identify” said a source.
Among the main assets divulged by Arrow is a five-star boutique hotel, a 27-hole golf course, a ‘clubhouse’ including the restaurant Al Sud (Michelin star), 40 plots for villas construction and 12 plots for development, namely for the construction of 310 luxury apartment and a five-star hotel with 152 rooms.
“This investment represents a significant progression in our hospitality strategy in Portugal, namely for the Algarve region. We are very pleased with the business deal, and we believe that we will continue to contribute to the growth and development of the Portuguese hotel sector and national tourism”, said John Calvão, who heads Arrow Global Funds in Portugal.