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Guggenheim investments

FOUNDING MEMBERS of the Guggenheim Museum in New York have invested in a project valued at more than 32 million euros in the Algarve.

The purchase of plots of land to build properties is a joint venture between Guggenheim Nicklaus Partners and Aliber SGPS. A total of 34 plots of land have been acquired beside the golf course at Monte Rei Golf and Country Club, in Vila Real de Santo António.

Guggenheim Nicklaus Partners is the founding company of the museum in the US and Nicklaus Investments is run by professional golfer Jack Nicklaus, who is also the face of the Monte Rei Golf and Country Club. The two companies merged for this lucrative venture, which is believed to have been confirmed earlier this month.

This agreement signals Guggenheim Nicklaus Partners first ever investment in Europe and the project is alleged to be worth 32.5 million euros. The properties are expected to take two years to complete.

The resort, which is located north of the A22, is due to have a private beach, two hotels with construction spread over around 300,000sqm of land.

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