Consortium buys Portuguese investment manager ECS Capital

Consortium buys Portuguese investment manager ECS Capital

[Credit: Conrad Algarve Hotel]

Portugal: Davidson Kempner Capital Management LP, Highgate and Kronos (the consortium) have acquired the Portuguese investment manager ECS Capital in an undisclosed deal.

ECS Capital is a private equity and restructuring firm focused on the Portuguese market. Its real estate portfolio includes 18 hotels and three golf courses in addition to residential properties. 

The Vale do Lobo Golf & Beach Resort and the Conrad Algarve Hotel in Quinta do Lago come with land for future development. 

Also part of the transaction, which includes the purchase of two funds managed by ECS, the consortium has acquired several Portuguese companies. These companies collectively comprise 65 hospitality, residential and commercial properties predominantly located across the Algarve region.

The consortium is led by global investment management firm Davidson Kempner Capital Management. The company has around $38 billion in assets under management.

Highgate is a real estate investment and hospitality management company with over $20 billion of assets under management. Highgate recently announced plans to acquire Viceroy Hotels & Resorts, which is expected to close in early 2023. 

Kronos Real Estate Group is an Iberian developer, asset manager and investor. Its brands include Kronos Homes (residential build to sell and asset management), STAY (residential build to rent), and WAY (retail parks).

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