Costa del Sol News
The strategic agreement signed last November by LandCo (owned by Banco Santander and specializing in land and urban development) and the investor Patron Capital will focus on Málaga as one of its real estate promotion zones. The plans of both firms to build 1,350 homes in Spain over the next five years include, among their first projects, the development of ‘Hipódromo Mijas by LandCo’, a private urbanization with 117 homes of 1, 2, and 3 bedrooms and penthouses with terraces over 125 square meters. This promotion will consist of three six-story buildings with landscaped areas, a swimming pool, outdoor sports area, gym, yoga and mindfulness area, and a gourmet room, as explained this Wednesday.
During the first quarter of 2025, LandCo has been working on the development and marketing of five new promotions with 540 homes and a delivery date expected over the next two years. In addition to the mentioned project in Mijas, ‘LandCo Entrenúcleos’ will be developed in Dos Hermanas (Seville), featuring 28 semi-detached single-family homes with 4 bedrooms. In Terrassa (Barcelona), ‘LandCo Can Colomer’ will be built, offering 70 homes of 1, 2, and 3 bedrooms distributed in a five-story designer building. In Corralejo, in the north of Fuerteventura, ‘aqua 360 by LandCo’ is planned, with 140 homes of 1, 2, and 3 bedrooms. The activity of this first quarter concludes with ‘LandCo Vallecas’ (Madrid), with 44 homes featuring a children's park, swimming pool, gym, and gastroteca.
After the summer, it will be the turn for two new promotions in Villanueva de la Cañada (Madrid), one with 65 high-rise homes and another composed of 76 single-family homes, both currently in the design phase, fulfilling the planned schedule of commercial launches for the fiscal year 2025.
LandCo-Patron Capital plan to initially develop 1,350 homes with a turnover of 475 million euros over the next five years. For this purpose, the two partners formed a joint venture last November, owned 30% by LandCo and 70% by Patron.
LandCo sold to Patron Capital 16 plots valued at nearly 100 million euros, with a combined buildable area of almost 145,000 square meters. The agreement also includes a comprehensive management and marketing contract by which LandCo is responsible for developing the promotions, from the design of each project, obtaining licenses, sales, construction, and after-sales.
Madrid, Sevilla, and Málaga account for more than 75% of the total portfolio sold to Patron, to which Barcelona, Gerona, and Fuerteventura are added.
LandCo currently operates a residential portfolio with more than 2,500 homes, adding to the company's current own portfolio (1,200 homes) the comprehensive management and marketing of the 1,350 units included in the investment vehicle created with Patron.
For Patron Capital, Spain is a key market. Since opening its first office in Barcelona in 2004, it has invested approximately 1,000 million euros in this real estate market.
