Davidson Kempner Capital Management struck an agreement to transfer ownership of ECS, a leading Portuguese alternative asset and private investment platform, to Draycott. A filing has been made with the national competition authority, and the deal is awaiting regulatory sign-offs, according to a joint statement from Draycott and ECS. Neither side shared financial details.
Even after the ownership shift, Davidson Kempner will keep a strategic role alongside the platform. ECS's current setup for managing its funds, mandates and portfolio will not change, the companies said. That continuity anchors a business that grew into a major player in Portugal for distressed hotel and tourism assets after the financial crisis.
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Over the years, ECS vehicles amassed hotels, resorts, golf courses and other properties, with a large slice sourced from problematic loans and assets previously on Portuguese banks' books. Davidson Kempner closed its purchase of ECS late in 2022 for about €850 million, making it the year's largest real estate transaction. Since then it has trimmed the portfolio amid a strong tourism rebound; for instance, the Conrad Algarve - located in Quinta do Lago in southern Portugal - was sold for €150 million, a figure reported by Cushman & Wakefield.
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