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ECS Capital taken over in “largest property deal of 2022”

The ECS Capital deal includes 18 hotels and three golf courses, as well as residential properties and land to develop at Vale do Lobo and Conrad Algarve

A consortium has taken over Portuguese investment manager ECS Capital in what is being described by business newspapers as the “largest property deal of 2022.”

While the financial terms of the deal have not been disclosed, the acquisition is reported to have cost around €850 million and have been completed in the last week of 2022.

The consortium is led by investment funds advised by Davidson Kempner Capital Management LP and comprises operating partners Highgate and Kronos.

Says the consortium in a statement, “the transaction includes the acquisition of two funds managed by ECS, as well as some additional Portuguese companies, whose assets comprise 65 attractive hospitality, residential and commercial properties predominantly located across the Algarve region.”

The deal also includes “18 hotels and three golf courses, as well as residential properties and land to develop at the renowned Vale do Lobo Golf & Beach Resort and the popular Conrad Algarve Hotel in Quinta do Lago.

According to several business publications, the NAU hotel chain is also included in the deal.

“The transaction presents an exceptional opportunity for ECS to build on many years of success as a leading investment manager in the Portuguese private equity sector, and the Consortium is excited by the opportunity to invest in – and grow – the platform and asset portfolio over the coming years,” the consortium adds.

By Michael Bruxo

michael.bruxo@portugalresident.com