Our approach to real estate investing
We have over five decades’ experience investing in UK and European real estate with a research-led, thematic approach, currently managing £22.3 billion in AUM (as at 30 September 2024). We are direct investors, sourcing and providing access to selected real estate opportunities across equity and debt markets at different points on the risk spectrum, enabling us to offer investment solutions aligned to various client outcomes. We focus on targeted locations and sectors, developing a deep knowledge of local markets, and building strong relationships with key players. We have proven advantages in terms of market access, and in our ability to deploy capital quickly and efficiently.
Moreover, our award-winning product suite and investment capabilities provide our clients with access to responsible investment solutions. Our team’s technical expertise combined with environmental, social and governance (ESG) integration,* allows us to create value for investors in European real estate.
Direct, thematic investors
Our research-led, thematic approach to investing allows us to be disciplined in originating and executing transactions, in opportunities we believe will deliver the best risk-adjusted returns. Rigorous relative value analysis is an essential part of our portfolio construction process.
Market reputation and reach
Our reputation as a trusted counterparty in the European real estate market means we see a significant volume of “off-market” opportunities. We combine in-house expertise with specialist platforms to create long-term pipeline and scale.
Responsible investment solutions
We have pioneered proprietary tools, such as our Sustainable Transition Loans framework and Sustainable Design Brief, to ensure responsible investment is truly embedded at the heart of our investment process for both debt and equity.*
*ESG integration means the integration of ESG factors and consideration of sustainability risk as part of the investment decision making process. This process is applied beyond any specific binding constraints (in the objective or strategy of the fund as detailed in the prospectus or investment management agreement and in accordance with our Baseline Exclusions Policy). The investment manager retains discretion on decision making taking all risks into account, beyond any binding criteria.
Real estate strategies

Real estate long income
Long-lease property acquisitions to generate stable, long-term, inflation-linked cash flows to de-risk real estate exposures or match long-dated liabilities. They provide an alternative to or complement fixed-income allocations.

Real estate debt
We source senior secured and whole loan debt of varying maturities, fixed or floating rate, on commercial property such as offices, retail, or logistics. Clients benefit from regular cashflows and the added security of high-quality collateral.

Real estate equity
Real-estate acquisition and management across traditional and alternative sectors in Europe that span the risk spectrum, from long-income to cyclical income and growth, development, and opportunistic investment.
Key risks of real estate strategies
Investment risk
The value of an investment and any income from it can go down as well as up and can fluctuate in response to changes in currency and exchange rates. Investors may not get back the original amount invested.
Real estate risk
Investments can be made in real estate, infrastructure and illiquid assets. Investors may not be able to switch or cash in an investment when they want to because real estate may not always be readily saleable. If this is the case we may defer a request to switch or cash in shares or units. Investors should also bear in mind that the valuation of real estate is generally a matter of valuers’ opinion rather than fact.
Investment insights
Investment thinking that brings together the collective insight of Aviva Investors’ teams from across the globe on the key themes influencing markets.
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Relative value in private markets: Positive but selective
29 Jan. 2025
Using proprietary data, our private markets research team compares risk and return across sectors.
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Illiquidity premia in private debt: Q4 2024
28 Jan. 2025
In our latest private markets deep dive, our research team crunches the data to see how evolving macroeconomic conditions are reflected in private debt returns.
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40 years of lending lessons: How four decades in real estate debt has shaped Aviva Investors’ approach
12 Dec. 2024
From navigating market crashes to embracing ESG and technology, Adrian Poole and Gregor Bamert reveal how 40 years of real estate debt investing have moulded Aviva Investors’ strategy – and what it takes to stay ahead in a rapidly changing market.
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Illiquidity premia in private debt: Q3 2024
30 Oct. 2024
In our latest private markets deep dive, our research team crunches the data to see how evolving macro conditions are reflected in private debt returns.
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Illiquidity premia in private debt: Q2 2024
6 Aug. 2024
In our latest real assets deep dive, our research team explains how our data on illiquidity premia indicates the benefits of a multi-asset approach to private debt investing.
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Relative value in real assets: A spectrum of opportunities
2 Aug. 2024
Our real assets research team drills into proprietary data to compare risk and return across sectors.
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Illiquidity premia in private debt: Q4 2023
12 Mar. 2024
In our latest real assets deep dive, our research team crunches the data to see how evolving macro conditions are reflected in private debt returns.
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Common ground: Earning a social licence to operate in real asset investing
18 Jan. 2024
Successful real asset investing requires acceptance of asset managers’ practices and procedures from a variety of stakeholders. We explore what this means for managers, their clients and investment outcomes.
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Plus ça change…The outlook for infrastructure debt in 2024
11 Jan. 2024
Infrastructure demonstrated characteristic resilience in 2023 in the face of significant macroeconomic headwinds. Darryl Murphy from our infrastructure team explains why he expects current themes to persist in 2024.
Private Markets Study 2025
In the seventh edition of the study, we collected the views of 500 institutional investors around the world. We delved into some of the key questions facing private market investors today: Why do they invest in private markets? How do they expect the asset classes to perform over the next few years? What are the biggest barriers to investing today? And how do they incorporate sustainability?

House View
No one can predict the future. But our quarterly House View sets out the collective wisdom of our investment teams on the current state of global markets – and where they might be heading.

Real estate team
Meet our real estate investment team.

Ben Sanderson
Managing Director, Real Estate

Gregor Bamert
Head of Real Estate Debt

Renos Booth
Head of Real Estate Long Income
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Private markets
As one of Europe’s largest private markets investment managers, we have the scale to access the full depth and breadth of private markets.