After five years of successfully managing the Algarve’s stunning Amendoeira Golf Resort, owner Kronos Homes has announced the sale of the development to the Portuguese Rolear Group. The move is the final stage in the sale of the portfolio that Kronos Homes purchased from Oceânico Group back in 2018, when Kronos first entered the Portuguese residential tourism market.
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After five years of successfully managing the Algarve’s stunning Amendoeira Golf Resort, owner Kronos Homes has announced the sale of the development to the Portuguese Rolear Group. The move is the final stage in the sale of the portfolio that Kronos Homes purchased from Oceânico Group back in 2018, when Kronos first entered the Portuguese residential tourism market.
It has been a busy few years for Kronos Homes. Since purchasing Amendoeira Golf Resort, the firm has completed significant infrastructure works that have led to the repositioning of the resort in terms of its touristic offering. The works have included the remodelling of Amendoeira’s clubhouse, terrace, restaurants and sports bar, as well as the addition of two brand new padel courts.
Kronos Homes also built a range of properties at Amendoeira Golf Resort, successfully delivering on the real estate element of the strategic plan for the resort. A total of 241 properties, including apartments and villas, were purchased by domestic and international buyers during the course of Kronos Homes’ ownership and management of the resort.
“We are delighted to complete on the sale of Amendoeira Golf Resort, which marks the latest milestone in Kronos Homes’ strategy in the Portuguese market. We are certain that Rolear Group will build on the extensive refurbishment works of the past few years to further enhance the unique strengths of Amendoeira, from its serenity and natural beauty to its exceptional golf facilities and high-quality, low-density homes.”
Rui Meneses Ferreira, Partner, Kronos Homes
“Amendoeira Golf Resort, with its various components – tourism, sports and real estate – provides immense potential for further development and Rolear Group can play a key role in this. Our investment in Amendoeira will allow us to bring the latest innovative technology to the resort, particularly in relation to renewable energies and energy efficiency.”
Parreira Afonso, Chairman, Rolear Group
The 102 employees of Amendoeira Golf Resort will join the 300-strong team at Rolear Group as part of the purchase of the resort. Rolear Group will build on the partnerships and development activity already built up to make the most of the opportunities arising from the purchase.
“The purchase of Amendoeira Golf Resort connects Rolear Group more closely with the local Algarve community. We embrace the enhanced social responsibility that this signifies and look forward to cementing Rolear Group’s position in setting delivery standards across the tourism, sporting and real estate sectors.”
Parreira Afonso, Chairman, Rolear Group
Located in Alcantarilha, near the Algarve town of Silves, Amendoeira Golf Resort offers an elevated lifestyle, with a wealth of sporting facilities: two award-winning golf courses, each with 18 holes, a nine-hole floodlit golf course, golf academy, driving range and putting green, fully equipped gym, 1 km jogging track, football pitch built to FIFA standards, two five-a-side football pitches, six tennis courts and two padel courts.
Kronos Homes manages 13 other assets in Portugal. Earlier this year, North American investment fund Davidson Kempner, with Kronos Real Estate as its property development partner and manager, acquired Portuguese investment manager ECS Capital. Kronos Homes is now responsible for the repositioning and real estate commercial operations of eight are new developments: Vale do Lobo Golf & Beach Resort, Salema Beach Village, Cascade Wellness Resort, Monte Santo Resort, Conrad Algarve, Salgados Palm Village, Salgados Dunas Suites and Hilton Vilamoura. The resorts include around 750 properties already built and 425 units to be developed, spread across more than 102,000 square meters of land. This represents a potential of more than €1 billion in property sales, located mainly in the Algarve. With this portfolio, Kronos Real Estate is currently one of the leading resort managers and real estate developers in Portugal.
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Notes to editors
About Kronos Homes
Kronos Homes is the Kronos real estate developer focused on residential projects with a clear commitment to architecture and design. It was founded in 2015 with a vocation to lead the Spanish market, with high quality projects, in which we defend architecture as a transformative agent, capable of energising and enriching society. For this reason, we trust prestigious architects and discover innovative talent. Kronos Homes is #puredesign. In all projects, sustainability and integration are key assets.
Responsibility, rigor and service vocation define the values of our company in order to satisfy our clients at all stages of the project and exceed their expectations.
Kronos Homes has received the National Real Estate Award in the Tourism category 2021 for the Clubhouse of Palmares Ocean & Living Golf; the European Property Award for the best high-rise residential project in 2020 for Ikon and for the best residential project in 2019 for The Edge. It also received the Outstanding Property Awards London for best architectural design for its residential project Nature and Honourable Mention for best property project in 2020 for The Edge. He also received the 11th Porcelanosa Architecture and Interior Design Award in recognition of his commitment to cutting edge architecture.
For more information, visit: http://www.kronoshomes.com
About Rolear Group
In the energy and engineering market since 1979, Rolear Group offers a unique range of solutions, from the supply of products and equipment to the distribution of piped propane gas, as well as civil construction, infrastructure, special technical installations, maintenance and training.
With nationwide coverage, Rolear Group currently has 10 stores distributed from the north to the south of Portugal, specializing in the sale of electrical materials, lighting, air conditioning, renewable energy and other equipment.
The various areas of specialization are supported by the quality of the distributed products, the specialized know-how of a dynamic team and the rigor given to execution.
Currently with around 300 employees, the Rolear Group has a team of specialists in energy efficiency, dedicated to identifying and proving measures to reduce consumption and promote efficient energy use in buildings, industries, services and more – because there are the things that must not stop. http://www.rolear.pt
Amendoeira Golf Resort Davidson Kempner Disposition Kronos Homes Parreira Afonso Portuguese Residential Rolear Group Rui Meneses Ferreira
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