(London) – Aviva Investors, the global asset management business of Aviva plc, announces it has launched Propia Operating Company (‘Propia’), a real estate operating company specialising in the Spanish build-to-rent (‘BTR’) sector, which has been created in partnership with Layetana Living, a leading Spanish residential developer.
The launch of a dedicated real estate operating company follows Aviva Investors’ latest Spanish build-to-rent investment, having acquired a 207-unit development site in the Butarque neighbourhood of Madrid, Spain. Aviva Investors established its Spanish BTR platform in 2022, with the platform now comprising approximately 1,000 properties across its five development schemes.
The vertically-integrated structure of Propia is expected to give Aviva Investors greater agility and control over the assets on the platform, whilst centralising origination, development and asset management functions.
Propia will oversee the sourcing, development and operational management of rental housing across a number of Spain's core residential markets, including Aviva Investors’ existing Spanish residential portfolio, which comprises developments in Madrid, Barcelona, and Palma de Mallorca. Future investment opportunities are expected to include developments in prime urban locations across Spain, which can offer a more affordable, long-term alternative to homeownership.
George Fraser-Harding, Head of Pan-European Funds, Real Estate, at Aviva Investors, said:
"Propia marks a significant evolutionary step in our build-to-rent capabilities, under a structure which brings us closer to our operating partners. By combining the collective expertise of Aviva Investors and Layetana, through a dedicated operating company, we have a truly vertically-integrated approach, which believe can improve the quality of service for residents whilst driving long-term value for our investors through active asset management and improved operational efficiencies."
As part of the agreement, Aviva Investors will hold a non-controlling, minority stake in Propia, with the company’s Board of Directors consisting of Santi Mercadé, Toni Punti and James Wells from Layetana Living, alongside George Fraser-Harding and James Stevens from Aviva Investors.
Santi Mercadé, CEO at Layetana Living, commented:
“We are proud to deepen our partnership with Aviva Investors through the launch of Propia. This new platform reflects our shared commitment to delivering high-quality, sustainable rental housing in Spain’s most dynamic urban markets. By combining our local development expertise with Aviva Investors’ institutional strength, we are creating a model that prioritizes resident experience, long-term value, and responsible urban growth.”
Energy efficiency and sustainability will be core pillars of Propia's overall strategy. Propia will target green building and environmental certifications the look to adopt low-carbon construction methods and responsible development practices. Propia will also incorporate smart design principles and delivery of community-focused amenities into its development activities, with the objective of creating vibrant communities which can support the well-being of tenants.
Propia will also make use of technology and data-driven insights to improve the client experience for tenants. This will include the rollout of smart home features, digital leasing processes, and proactive maintenance strategies, with a view to enhancing resident satisfaction and maintaining operational efficiency.
George Fraser-Harding, added:
“The Spanish residential market is undergoing a transformation, with demand for professionally managed, high-quality rental housing increasing due to demographic shifts, affordability challenges, and changing lifestyle preferences. As it continues to mature and develop, we see strong long-term fundamentals to support its build-to-rent sector.”
