International law firm Simmons & Simmons has advised pan-European private equity real estate fund Patron Capital on a joint venture with LandCo to develop over a thousand residential homes in Spain.
The €365m joint investment, which is expected to result in 16 major residential developments totalling 1,350 homes, will be targeted in areas including Madrid, Seville and Malaga.
Patron's joint venture partner, LandCo, is a subsidiary of Banco Santander. Under the strategic agreement, Patron will own 70% of the joint venture, while LandCo will own 30%.
The Simmons team advising Patron was led by partner and private equity real estate head, Oliver s'Jacob, supported by consultant Tom Hutchinson.
This joint venture for Patron follows a further deal they closed in September to invest €340m in four major Spanish housing projects in partnership with Q21 Real Estate - on which Simmons also advised the private equity firm.
Simmons also supported Patron in relation to its joint venture to acquire CALA Homes, which closed at the end of October, in a £1.35 billion deal.
"Commenting on the joint venture agreement, Oliver s'Jacob said, "It has been a pleasure to advise Patron on their latest investment platforms targeting the Spanish residential markets. Simmons' growing private equity real estate team is well-placed to continue to provide cross-border expertise to valued clients like Patron as they grow their global portfolios."
