Davidson Kempner, Highgate and Kronos complete acquisition of ECS

NEW YORK, LONDON and LISBON, Jan. 4, 2023 /PRNewswire/ -- A consortium led by investment funds advised by Davidson Kempner Capital Management LP, and comprising operating partners Highgate and Kronos ("the Consortium") has completed the acquisition ("the Transaction") of leading Portuguese investment manager ECS Capital ("ECS"). Financial terms of the Transaction have not been disclosed.

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 ECS real estate portfolio 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.

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.

For further information:

UK:
Greenbrook
Rob White/Matthew Goodman/Teresa Berezowski
Davidsonkempner@greenbrookadvisory.com 
+44 207 952 2000

Portugal:
JLM&Associates
Afonso Vaz Pinto / Vitor Cunha
avazpinto@jlma.pt / vcunha@jlma.pt
+351 96 965 82 56 / +351966619794

Notes for Editors

About Davidson Kempner Capital Management LP

Davidson Kempner Capital Management LP is a global investment management firm with more than 39 years of experience and a focus on fundamental investing with a multi-strategy approach. Davidson Kempner has approximately $38 billion in assets under management and over 500 employees across seven offices: New York, Philadelphia, London, Dublin, Hong Kong, Shenzhen and Mumbai. Additional information is available at: www.davidsonkempner.com

About Highgate

Highgate is a leading real estate investment and hospitality management company with over $20 billion of assets under management. Highgate has a 30-year track record as an investment manager, operating partner, and developer for REITs, private equity firms, sovereign wealth funds, high net worth individuals, and other institutional investors. With a particular focus in hospitality real estate, Highgate's portfolio includes over 500 owned and/or managed hotels comprising over 84,000 rooms across the United States, Europe, Latin America, and the Caribbean. Highgate's capabilities extend to adjacent real estate verticals including multifamily, short-term rentals, and diversified healthcare real estate, as well as investments in real estate-linked securities, technology platforms, and hospitality-related operating businesses. Highgate maintains corporate offices in London, New York, Dallas, Los Angeles, Miami, Seattle, and Waikiki. For more information, visit: www.highgate.com

About Kronos

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).

Kronos has an extensive track record in the sector and manages in excess of €2.0 billion in assets. Its team has executed over €18 billion in real estate transactions and developed 100,000 units.

For more information, visit: www.kronosre.com

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SOURCE Davidson Kempner