Spanish land developer LandCo, a Banco Santander subsidiary, and institutional investor Patron Capital are partnering to build 1,350 homes across 16 Spanish developments.
The partners plan to invest approximately €365 mln in this initial portfolio, totaling 145,000 m2 of buildable area. These developments are strategically located in key Spanish cities, including Madrid, Seville, Barcelona, Málaga, Girona, and Fuerteventura.
The land portfolio is valued at roughly €100 mln. Patron Capital will own 70% of the new joint venture, while LandCo will hold 30%. The first projects are set to launch in the first quarter of 2025, with all homes completed by 2029. The partners intend to further expand their Spanish residential development portfolio by targeting additional well-located sites.
Alberto Quemada, CEO of LandCo, stated: ‘This alliance with Patron Capital reinforces our growth and expansion plan and is an endorsement of the professional urban management work we have been carrying out for the past five years to enhance the value of our land portfolio and develop it.’
Pedro Barceló, senior partner at Patron Capital, commented: ‘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 hundred thousand homes in Spain, presenting attractive opportunities for investors with the right skill set and expertise.’
LandCo will manage all aspects of the project, from design and construction to sales and property management.
This joint venture supports LandCo's strategic expansion into real estate development, complementing its existing land management business. LandCo aims to grow this division through partnerships and third-party management, ultimately overseeing a residential portfolio exceeding 2,500 homes once the new project is complete.
Patron Capital, with a Barcelona office since 2004, has invested approximately €1 bn in various Spanish real estate sectors, including residential, retail, hospitality, and offices.
LandCo has streamlined its initial portfolio (inherited from Banco Santander) by reducing assets by 4,000, now managing 10,000 plots across Spain and Portugal, 450 active development projects, and over 2,500 homes under development.
