Aviva Investors has grown its Spanish build-to-rent (BTR) portfolio by acquiring a residential development site in the Paterna municipality of Valencia, Spain. The project will be managed by Propia, a dedicated real estate operating company (REOC) launched in June as part of a partnership between Aviva Investors and Layetana Living, a leading Spanish residential developer.
Situated in the Los Molinos district of Paterna, the scheme is expected to deliver 120 units, split between one- and two-bed units across more than 11 stories. Designed and constructed with energy-efficiency being a prominent consideration, the building will target a BREEAM Excellent rating and an EPC rating of AA. It will feature a broad range of amenities for residents, including an on-site gym, co-working space, a residents’ swimming pool and children’s play area.
It is the sixth investment by Aviva Investors in Spain’s residential market as part of its Spanish BTR platform and the first in
