Banco Santander’s land development and urban planning arm LandCo and Patron Capital have joined forces to invest an initial €365m to develop multifamily homes in Spain.
The pair have created the venture to develop 1,350 new homes across 16 real estate developments in major Spanish residential markets including Madrid, Seville, Barcelona, Málaga, Girona and Fuerteventura. The venture’s plots are valued at €100m.
Patron Capital holds a 70% stake in the venture, with LandCo owning the remaining 30% in the partnership expected to identify additional prime sites for residential development across the country.
The companies said the first developments will be launched and marketed starting in the first quarter of 2025, with all homes set for completion by 2029.
LandCo will be responsible for the entire development process, including project design, construction, sales and ongoing property management services.
Alberto Quemada, CEO of LandCo said: “This alliance with Patron Capital reinforces our growth and expansion plan and is an endorsement of the professional urban management work that we have been carrying out for the past five years to enhance the value of our land portfolio and develop it.”
Pedro Barcelo, senior partner at Patron Capital, said: “This new alliance with LandCo will enable us to further scale our presence in the Spanish residential market.
“There is an acute undersupply of several hundreds of thousands of homes in Spain that is presenting attractive opportunities for investors with the right skillset and expertise.”
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