Aviva Investors has expanded its Spanish build-to-rent platform with the acquisition of a residential development site in the Butarque neighborhood of Madrid.
It is the fifth investment made by Aviva Investors in the Spanish residential market, as it continues to grow its Spanish build-to-rent platform. The platform has now funded 928 homes across five developments, with a gross development value (GDV) of approximately €300 million ($338 million).
When complete, the scheme is expected to provide 207 residences via a mix of one and two bedrooms spread across eight stories, representing a total floor area of more than 20,600 square meters (222,737 square feet). All properties on the upper floors will have private balconies, with terraces for those on the ground floor.
The project will target a BREEAM Excellent certification, an EPC AA rating in order to minimize ongoing energy needs and costs to residents, while also incorporating all-electric solutions to low
