US based investment fund, King Street Capital Management, is set to buy the Amendoeira Golf Resort in Silves.
Currently owned by Ireland’s National Asset Management Agency (NAMA), which took over loans from the Anglo Irish Bank after the founding company Oceânico ran into trouble during the recession, the golf resort remained open for business in the hope of a sale when the leisure market improved.
NAMA is said to be in 'advanced talks' to sell the prestige golf resort which includes two championship golf courses and 241 properties.
The sale includes a floodlit nine-hole golf course, a club house and further development land.
In July 2017, property adviser Savills was appointed to represent Oceânico in the sale of: The Amendoeira Golf and Leisure Resort, Belmar Spa and Beach Resort, Baia da Luz Residential Resort, Estrela da Luz Leisure Facilities, Jardim da Meia Praia Leisure Facilities, Flor do Mar Holiday Resort development site and Royal Obidos Holiday Villa development site.
In September 2016, the Oceânico Group announced the sale of its five Vilamoura golf courses to KAY CC Portugal, a consortium led by English investor Keith Cousins and the Dom Pedro Hotels Group.
King Street Capital Management, L.P., founded in 1995, is a privately owned hedge fund based in New York. The firm invests in the public equity and fixed income markets across the globe. It primarily invests in distressed companies, equity, bonds, foreign exchange, warrants, and options.
