Kronos Real Estate will manage the €1 billion property.

The properties consist of 10 resorts and four residential projects, mainly on the Algarve, representing a potential of more than €1 billion in sales.

The projects have already built around 750 properties and another 425 units will be developed over 102,000 sqm. m of land.

The portfolio includes properties such as the Vale do Lobo Golf & Beach resort, as well as residential properties Salema Beach Village, Cascade Wellness Resort, Monte Santo Resort, Conrad Algarve, Salgados Palm Village and Salgados Dunas Suites.

The principal partner and executive chairman of Kronos Group, Said Hejal, said: "This investment reflects the goals we have set for our brand in Portugal. This was a great opportunity to expand our presence in a market that we consider very important to Kronos' business.

The portfolio is part of the so-called "Crowe Project" and was sold in December for €850 million to a consortium of banks to a group of investment funds led by Davidson Kempner Capital.

The Crowe Project includes hotels, golf courses, land and a wide range of tourism and residential properties.

Highgate will be responsible for managing the hotels in the portfolio.