Banco Santander SA has injected €335 million into new real estate development company Landmark, which was created in 2019 to develop the land the Spanish lender has on its books, El Economista reported.

The unit has land valued at €1.62 billion net, when taking provisions into account, the paper said.

Santander may also spin off part of the company to clean up its balance sheet, according to the Jan. 8 report.

Spanish banks were left with a large amount of real estate debt following Spain's real estate boom and bust in the 2000s.