A highly selective and disciplined approach to real estate lending
With more than 40 years of experience and USD 12.8 billion of assets under management*, Aviva Investors provides senior and junior financing supporting development assets and stabilised portfolios to commercial real estate investors through a well-established and experienced lending platform.
Ranked among the top five real estate lenders in Europe (Real Estate Capital Europe 2025 Active Lenders List), we leverage deep market relationships to access proprietary opportunities enabling scalable capital deployment across the UK and Europe.
We believe superior risk-adjusted returns are driven by differentiated origination and disciplined underwriting. Approximately two-thirds of transactions are sourced directly, supporting a highly selective investment approach. Our capabilities span senior and junior financing for acquisitions, refinancings and developments across all major sectors, including office, retail, industrial, leisure, healthcare and living.
Why invest?
Real estate debt can provide attractive income, stable cash flows and diversification benefits. We focus on protecting downside risk through lending against high-quality assets with robust security and covenant protections, targeting properties well positioned for future occupier demand.
We also support borrowers with sustainable financing solutions, including green and transition loans, underpinned by disciplined credit underwriting, independent governance and ESG integration.
Cash flow
Predictable income generation, supporting investors with long-term liability matching and defined cash flow requirements.
Diversification
Low historical correlation with liquid credit markets, providing portfolio diversification benefits.
Illiquidity premium
Potential for enhanced returns versus publicly traded credit.
Security
Asset-backed lending with strong covenant protections and recovery rates.
*Aviva Investors, as at 30 June 2026
Key risks of real estate debt
Investment risk
The value of an investment and any income from it can go down as well as up. Investors may not get back the original amount invested.
Illiquidity risk
Certain assets could, by nature, be hard to value or to sell at a desired time or at a price considered to be fair (especially in large quantities), and as a result their prices could be very volatile.
Complexity risk
Counterparties can be diverse, so successful investment requires appropriate credit analysis and the experience to understand investment risks.
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
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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.
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Natural capital comes of age: Part one: From environmental value to investment opportunity
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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.
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Illiquidity premia in private debt: Q2 2026
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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.
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Driving stewardship together
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Aviva’s Investments, Wealth and Retirement business and Aviva Investors are working together to deliver financial and sustainable outcomes, connecting clients to their capital.
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Confidence in a changing climate
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How can institutions forge impactful climate strategies that are right for them and their end beneficiaries? Our “Confidence in a changing climate” guide showcases some of the solutions we have developed to help.
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Sustainability review 2025
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We believe understanding sustainability factors and trends is fundamental to effective asset management. This report sets out our approach and includes an overview of our holistic stewardship activities over the past year
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Illiquidity premia in private debt: Q1 2026
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In our Q1 2026 deep dive, our research team crunched the data to explore how evolving macro conditions are reflected in private debt returns.
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Payment on delivery: Execution is key to returns in European infrastructure
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Solid foundations: Delivering social value to unlock investment value
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Private market allocations set to rise: Debt’s staying power meets equity’s revival
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In 2026, investors are targeting increases to their private market allocations. Debt is here to stay, but equity is set to regain ground.
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
Building advantage: Finding a competitive edge in European high yield real estate debt
While opportunities in European high yield real estate debt remain, growing competition underscores the need for deep market expertise, a robust underwriting framework, and disciplined deal selection to identify and capture resilient value.
Real estate debt team
Meet our real estate debt investment team.
Gregor Bamert
Head of Real Estate Debt
Sima Kotecha
Head of High Yield Strategies
Explore
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