LandCo, a subsidiary of Banco Santander specializing in comprehensive land development and urban planning, and Patron Capital have formed a new joint venture to develop 1,350 new multifamily homes across 16 real estate developments in Spain.
LandCo and Patron Capital plan to invest approximately €365 million ($383 million) to deliver this initial portfolio of 16 plots of land located in major Spanish residential markets including Madrid, Seville, Barcelona, Málaga, Girona and Fuerteventura with a total buildable area of 145,000 square meters (1.56 million square feet).
The plots in the portfolio are valued at approximately €100 million ($105 million). Ownership of the new venture is split between the two companies, with Patron Capital holding 70 percent and LandCo holding 30 percent.
The launch and marketing of the first developments will begin in first quarter 2025, with all homes scheduled for completion by 2029. Under the joint venture, LandCo and Patron
