The agreement between LandCo, a company specialising in urban development owned by Banco Santander, and the pan-European fund Patron Capital, is moving forward with the development of its first five residential developments in Spain, involving a total of 540 homes. These developments are part of the investment vehicle set up by the two companies last November, in which LandCo holds a 30% stake and Patron a 70% stake, with the aim of building 1,350 homes and achieving an estimated turnover of €475 million over the next five years.
During the first quarter of 2025, LandCo has started marketing the five residential projects in different parts of the country. In Dos Hermanas, Seville, 28 single-family homes are being developed in the Entrenúcleos area. In Terrassa, Barcelona, 70 units have been launched in a five-storey multi-family building with communal areas. In Mijas, Malaga, a development of 117 homes is being developed between the sea and the mountains, while in Corralejo, Fuerteventura, the marketing of 140 units on the beachfront has begun. In Madrid, the development in Vallecas incorporates 44 homes.
Two new developments are expected to be added after the summer in Villanueva de la Cañada, Madrid, one with 65 high-rise homes and the other with 76 single-family homes, currently in the design phase. These initiatives will complete the calendar of commercial launches planned for 2025.
As part of the agreement, LandCo sold to Patron Capital 16 plots of land with a combined buildable area of around 145,000 sqm, for a value of close to 100 million euros. Madrid, Seville and Malaga account for more than 75% of these assets, in addition to locations in Barcelona, Gerona and Fuerteventura.
The agreement includes a comprehensive management contract that gives LandCo the responsibility of developing the developments, from design and licensing to marketing, construction and after-sales. This alliance reinforces LandCo's strategy of expanding its activity into property development, complementing its traditional business of land transformation and sale through co-investment and third party management agreements. LandCo currently manages a residential portfolio of more than 2,500 homes, including both the 1,200 units in its own portfolio and the 1,350 homes included in the agreement with Patron Capital.
For its part, Patron Capital considers Spain a strategic market, where it has invested around 1,000 million euros since 2004, covering sectors such as residential, offices, retail and hospitality.
