LandCo, a Banco Santander subsidiary specialising in land development, and Patron Capital, a pan-European real estate investor, have announced a strategic agreement to develop 1,350 homes in Spain over the next five years. The two companies have formed a joint venture in which LandCo holds a 30% stake and Patron Capital a 70% stake, with an estimated investment of €365 million.
The agreement initially envisages the development of 16 residential developments, which will include land in Madrid, Seville and Malaga, representing more than 75% of the portfolio. Locations in Barcelona, Gerona and Fuerteventura will also be added. The plots, with a combined buildable area of 145,000 sqm, have been sold by LandCo to Patron Capital for close to €100 million and will be integrated into the joint residential development vehicle.
Under the agreement, LandCo will take over the full management of the developments, from project design and licensing to marketing, construction and after-sales service. The first developments will be launched on the market in the first quarter of 2025, with the last homes to be delivered by the end of 2029.
According to Alberto Quemada, CEO of LandCo, this collaboration reinforces the company's expansion plans and supports the urban development management model that the firm has been developing in recent years, with the aim of enhancing the value of its land portfolio and advancing in its liquidation.
With this alliance, LandCo will manage a residential portfolio of more than 2,500 units, adding the 1,200 homes already in its portfolio to the 1,350 that will be developed through the new joint vehicle.
