Portugal news – A real estate investment in Portugal amounting to EUR 850 million was just approved by Portugal’s Competition Authority. The investment, that was announced at the end of December, was the largest real-estate deal for 2022.
US investment firm Davidson Kempner Capital Management LP, that manages assets valued at over USD 36 billion, has obtained the green light to purchase a portfolio of tourism assets that are part of Projeto Crow. The assets, that were owned by ECS Capital, will be purchased from the Tourism Recovery Fund FRT, the Venture Capital Fund, PTREL Management; as well as shares bought by banks from long equity fund FLIT that includes assets held in PTREL, SICAV-SIF, S.C.A. and other companies.
The portfolio, that includes 17 luxury hotels as well as other real-estate assets, will be sold to Hospitality Living Portugal that is affiliated to Davidson Kempner. Real estate assets include 17 golf courses located in northern Portugal, Lisbon and the Algarve; as well as a shopping mall in Madeira’s capital Funchal and two warehouses in the districts of Lisbon and of Braga in the north.
The luxury hotels include the Nau hotels brand that was created by ECS Capital, including 5-star hotel Palácio do Governador in Lisbon as well as Cascatas Golf Resort & Spa in the Algarve.
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