Aviva Investors has launched Propia Operating Co., a real estate operating company specializing in the Spanish build-to-rent (BTR) sector, which has been created in partnership with Layetana Living, a leading Spanish residential developer.
The launch of a dedicated real estate operating company follows Aviva Investors’ latest Spanish BTR investment, having acquired a 207-unit development site in the Butarque neighbourhood of Madrid, Spain. Aviva Investors established its Spanish BTR platform in 2022, with the platform now comprising approximately 1,000 properties across its five development schemes.
The vertically integrated structure of Propia is expected to give Aviva Investors greater agility and control over the assets on the platform, while centralizing origination, development, and asset-management functions.
Propia will oversee the sourcing, development and operational management of rental housing across several of Spain’s core residential markets, in
