Davidson Kempner, Highgate, Kronos Real Estate Takeover Portuguese-Distressed Player ECS Capital
Posted on 01/04/2023
A consortium led by investment funds advised by Davidson Kempner Capital Management LP, and comprising operating partners Highgate and Kronos Real Estate Group has completed the acquisition of a Portuguese investment manager ECS Capital. The transaction includes the acquisition of two funds managed by ECS Capital, as well as some additional Portuguese companies, whose assets comprise 65 hospitality, residential, and commercial properties predominantly located across the Algarve region. Founded in 2006 by António de Sousa and Fernando Esmeraldo, ECS Capital is a private equity and restructuring firm focused on the Portuguese market.
The ECS real estate portfolio includes 18 hotels and three golf courses, as well as residential properties and land to develop at the Vale do Lobo Golf & Beach Resort and the Conrad Algarve Hotel in Quinta do Lago.
Highgate is a real estate investment and hospitality management company with over $20 billion of assets under management. Kronos Real Estate Group is an Iberian developer, asset manager and investor with offices in Spain, Portugal, Luxembourg, and the UK. Kronos focus on development through its brands (i) Kronos Homes, (residential build to sell and asset management), (ii) STAY (residential build to rent), and (iii) WAY (retail parks).
