Our approach to real estate investing
With over five decades of experience in UK and European real estate, we leverage deep sector expertise and strong local market access to deliver investment solutions across the risk spectrum. Our ability to source opportunities and deploy capital efficiently enables us to meet a range of client objectives. Managing £24 billion in assets, we combine scale with proven execution across both equity and debt markets (data as at June 30, 2026).
Our product suite and investment capabilities provide clients with access to responsible investment solutions. By integrating environmental, social and governance (ESG)1 considerations with technical expertise, we create long-term value for investors in European real estate (these considerations are not binding on the investment manager, beyond any specific criteria in the fund or mandate).
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.
*Source: Aviva Investors as at 30 September 2025
Responsible investment solutions
We have pioneered proprietary tools, such as our Sustainable Transition Loans framework and Sustainable Design Brief, to ensure responsible investment considerations are incorporated as part of our wider investment process for both debt and equity.
1. 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 or complement to 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 growth to 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.
Views
-
Are we there yet? How road transport is evolving
8 Oct 2026
Electric and self-driving cars, batteries and robotics are progressing in leaps and bounds. Our experts discuss the investment implications.
-
Natural capital comes of age: Part two: Why not all natural capital revenue streams are created equal
1 Oct 2026
In the second of four articles, we explain how environmental importance does not automatically translate into investment readiness. Investor confidence in future revenues depends on market evidence, contractual certainty and a track record of delivery.
-
Revitalising Glen Dye Moor: Real asset stories
28 Sept 2026
In our latest case study, we look at Glen Dye Moor, a 6,300-hectare site in Aberdeenshire, Scotland. We intend to rejuvenate the land, simultaneously removing carbon from the atmosphere, and delivering financial outcomes for investors and social benefits for local communities.
-
Building the future
16 Sept 2026
Sustainability-related regulation is becoming an increasingly material driver of real estate investment decision-making, rather than just a compliance requirement. Jeremy Ho analyses the implications.
-
UK and EU sustainability regulations: Could a narrow focus be missing the bigger picture?
27 Aug 2026
Regulation must recognise that sustainable investing incorporates more than the provision of sustainable funds alone.
-
Natural capital comes of age: Part one: From environmental value to investment opportunity
25 Aug 2026
In the first of four insights, we explain why natural capital is a foundational input into economic activity. Forests, soils, rivers, wetlands, oceans and biodiversity are productive assets that generate products such as timber or food and are natural regulators of water flows.
-
Illiquidity premia in private debt: Q2 2026
24 Aug 2026
In this latest edition of our series on the illiquidity premia, we assess the key themes driving private-debt pricing and market opportunities in Q2.
-
Illiquidity premia in private debt: Q4 2025
17 Feb 2026
Our private markets research team have crunched the Q4 2025 data. They explain how evolving macro conditions are reflected in private debt returns.
-
UK low-carbon policy: What to look out for in 2026
27 Jan 2026
Aviva’s Nick Molho looks at this year’s policy priorities and likely developments for the UK’s low-carbon agenda, and reflects on what it means for investors.
-
Navigating nature: Opportunities for the investor of tomorrow
10 Dec 2025
Our society, economies and financial systems are embedded in nature, not external to it. This paper sets out the actions we are taking to understand nature-related risks and opportunities to deliver outcomes that meet our clients’ needs, and to support nature-related global goals.
-
Illiquidity premia in private debt: Q3 2025
12 Nov 2025
Having crunched the data, our private markets research team looks at how evolving macro conditions are impacting private debt returns.
-
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.
-
Seizing the moment: The outlook for real estate debt
24 Sept 2024
Gregor Bamert, Sima Kotecha and Nick Solomon discuss the recovery in real estate debt markets in 2024 and the opportunities emerging.
-
Get networking: Will the next decade be a golden age for UK infrastructure?
3 Sept 2024
While there are obstacles to overcome, the coming years could see new opportunities for the UK government and the private sector to work together on infrastructure projects, says Darryl Murphy.
-
Real asset stories: Curtain House
8 Aug 2024
In the first instalment of a new series of case studies on our real asset investments, we look at Curtain House, a Victorian warehouse Aviva Investors is converting into a modern, environmentally friendly office building.
-
The future of green premia in real estate, part two: Searching for value and resilience
8 Jul 2024
Do energy-efficient buildings have more pricing power, and what could that mean for those investing in the built environment? We bring together the views of leading capital markets researchers, a valuer and an asset manager for the second part of our deep dive into green premia, analysing the investment implications.
Private Markets Study
Private Markets Study 2026
In the eighth edition of the study, we tap into the views of 500 institutional investors managing $6.5 trillion in assets across Asia, Europe and North America. Uncovering the key trends, opportunities and barriers investors are navigating in the pursuit of long-term outperformance. Explore how private markets will continue to drive institutional investor allocations in 2026 and beyond.
House View
House View
Market insights, economic analysis and investment perspectives to help investors understand the trends, risks and opportunities shaping global markets.
Article in focus
Aviva Investors’ Social Value Label: Recognising achievements during construction
The newly launched Aviva Investors’ Social Value Label recognises quality practice in the construction supply chain. It will be awarded to contractors who deliver social value when building commercial real estate.
Real estate team
Meet our real estate investment team.
Explore
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.