The management of US fund Lone Star has announced its acquisition of Garvecat, the company responsible for developing the Vilamoura resort.
The value of the transaction was not disclosed and according to a Lone Star statement, the company's aim is "to revitalise the resort through a long-term investment plan."
The deal was advised by Santander Totta.
The Lone Star Real Estate Fund III was launched in October 2013 and boasts of about €6.5 billion aimed at investments in the US, Western Europe and Japan.
The resort covers more than two thousand hectares around a marina with 825 berths and was honored as 'Best International Marina 2015' by The Yacht Harbour Association.
The village also has about 700,000 square meters of buildable land for the construction of hotels and has more than five thousand apartments and houses.
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