(London) – Aviva Investors, the global asset management business of Aviva plc, announces it has expanded its Spanish build-to-rent (‘BTR’) platform, acquiring a brownfield development site in Valencia with the ambition to develop it into 132 residential units across two residential blocks.
The project will be managed by Propia, a dedicated real estate operating company (‘REOC’) launched last year as part of a partnership between Aviva Investors and Layetana Living, a leading Spanish residential developer.
Situated in the Jesús district of Valencia, less than 3km from the city centre, the site, which is currently occupied by industrial buildings, benefits from change of use approval. The new scheme is expected to provide 132 apartments, all with a private terrace or balcony. Amenities are expected to include a gym, co-working space, a residents garden with swimming pool, and a children's play area and 100 sq m of retail space on the ground floor. The building will target Tier 1 sustainable standards, incorporating renewable energy and sustainability measures. Construction is expected to start in the second half of 2027.
The site also sits within a wider urban regeneration programme which includes the Parque Central project, a major redevelopment initiative aiming to transform former railway lands on the outskirts of the city and create a new 230,000 sqm park and public spaces.
It is the second scheme acquired by Aviva Investors in Valencia under its Spanish BTR platform following a development site in the Paterna municipality of the city in January. Aviva Investors has now made seven investments into Spain’s BTR market since 2022, with its platform now accounting for more than 1,200 apartments across Valencia, Madrid, Barcelona and Palma de Mallorca with a gross development value of more than €360 million.
James Wythe, Fund Manager, Real Estate Equity, at Aviva Investors, said:
"This acquisition reflects our continued conviction in the Spanish residential market, and well‑located assets in areas where supply has not kept pace with demand. Valencia stands out as a vibrant city where population growth and limited new delivery continue to underpin rental demand. The Jesús district is an established residential area benefiting from good affordability levels, excellent connectivity and proximity to the city centre. By investing here we are creating much‑needed, high-quality energy‑efficient homes that meet local needs, and which we believe can deliver long-term outcomes for investors.”
James Wells, Director at Propia, said:
“The acquisition of Rio Miño marks another important milestone in the expansion of our Spanish build-to-rent platform. Valencia continues to demonstrate strong fundamentals supported by population growth, limited housing supply and increasing demand for high-quality rental accommodation. Through this development, we are transforming an underutilised industrial site into a sustainable residential scheme that will contribute to the regeneration of the Jesús district and deliver much-needed housing for modern renters.”
Knight Frank acted as buy-side advisors on the acquisition and Ashurst acted as legal advisors.
