Banco Santander has once and for all launched its land management company, transferring 13,000 assets from the bank with a gross value 4.5 billion euros. These are located in 3,500 different urban areas, according to the Cinco Días newspaper. Of the total number of plots, 45% have the qualification of finalist land, 40% of land under management, and 15% of rustic. The management company has been renamed LandCo (its previous name was Landmark).
The company was born in 2019 under the framework of a new model in Spain, namely a management company exclusively for land assets. By means of this vehicle, Santander manages to convert the land from the bank’s adjudicated properties into finalist plots. This increases their value and allows them to be sold to development companies or funds.
Despite the fact that in 2020 the company has been more focused on the valuation of its portfolio, Landco has also made its first sales for a total value of 60 million euros. In addition, it has opened close to ten branches in Spain’s main cities.