LandCo, a Banco Santander developer, and Aedas Homes have signed an agreement to develop a first residential project in Portimao (Portugal) of 116 homes that will generate a turnover of more than 70 million euros.
This is the first alliance of these two companies and its objective is to develop this first project on land from the LandCo portfolio, with a residential buildable area of 14,000 square metres and 2,200 square metres of commercial space, as reported by the Santander subsidiary in a statement. The marketing of the project has already started and construction is expected to begin in the second quarter of 2026.
The aim is to carry out more projects in the area, so if they manage to maintain an active and sustainable demand, they foresee the development of three more towers, as LandCo has a total of four plots of land with the capacity to develop almost 500 homes.
The first project is called Ribamar and is located opposite Praia de Rocha, just 100 metres from the Algarve sea, where they will build a first tower of 16 floors with 1, 2, 3 and 4 bedroom homes and terraces of up to 60 square metres with communal areas such as a swimming pool, gym, spa, social club, solarium, children's area and coworking.
The agreement is part of LandCo's new strategic approach to add to its core business (management, transformation and development of land for subsequent sale) a business area specialising in real estate development in order to continue growing, relying on co-investment agreements and the qualified management of third-party assets.
LandCo currently operates a residential portfolio of 3,200 homes, the result of adding to the company's own portfolio (more than 1,500 homes), the comprehensive management and marketing of a further 1,500 homes in joint venture with other partners.
