This paper scrutinises the effects that the financialisation of land has on the land use planning process. Although finance is increasingly penetrating not only real estate but also land planning and development, there are few in-depth case studies describing and analysing this process. Contemporary urban development is characterised by the clustering of investments, the relocation of projects into peripheral areas and an instrumental approach to planning. These trends are expressions of a change in the development process, characterised by the increased detachment between land use planning processes at the local level and financial investor logics located at other scales. We call this the de-contextualisation of land capital. An in-depth analysis of the internal economic mechanics of an urban project in the Milan area is provided to illustrate these trends. We conclude by reflecting on the challenges that the conditions of financialised land capital pose to local and national governments.