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 £21.9 billion in assets, we combine scale with proven execution across both equity and debt markets (data as at June 30, 2025).
Our award-winning1 product suite and investment capabilities provide clients with access to responsible investment solutions. By integrating environmental, social and governance (ESG)2 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. Deal of the Year - Europe, Real Estate Capital Awards 2024: https://www.recapitalnews.com/rec-europe-awards-2023-the-winners-revealed/
2. 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
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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.
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Continued momentum: The outlook for European Infrastructure debt
14 Jan 2026
European infrastructure debt enters 2026 in a healthy position, with no shortage of demand for its diverse range of opportunities. Nonetheless, investors need to be alert to various risks and conduct thorough due diligence, argues Darryl Murphy.
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Cities of the future: What will cities look like in 2050?
8 Jan 2026
Today’s private market investments will shape 2050 cities. We explore what this could look like, and the related challenges and opportunities.
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Boosting low-carbon investment in the UK: 2025 Roadmap Update
11 Dec 2025
In 2024, we outlined our view on the most important public-policy interventions to unlock private investment in the low-carbon economy. In this update, we take stock of policy developments since, and look ahead to 2026 and beyond.
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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.
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Purposeful run-on: A credible alternative to buyout
5 Dec 2025
Discover why purposeful run-on is emerging as a credible alternative to buyout for well-funded defined benefit (DB) pension schemes – and how it can unlock long-term value while keeping clients' needs at the centre.
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Beyond buyout: Why DB schemes are reconsidering their endgame
4 Dec 2025
Significant shifts in the defined benefit (DB) pension schemes landscape mean that as schemes mature, trustees and sponsors now face a broader spectrum of strategic choices. We explain why the choice between buyout and run-on is no longer binary.
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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.
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From niche to core: Asset-based finance emerges as a driving force as private debt markets continue to evolve
7 Oct 2025
Asset-based finance is capturing the attention of institutional investors – from pension schemes to insurers – thanks to its diverse risk-return drivers and its growing role as a strategic building block in investors’ portfolios.
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Solid foundations: The case is building for infrastructure equity
3 Oct 2025
In this article Viktor Dietrich, Research Director for infrastructure, venture capital and natural capital, revisits the case for investing in European infrastructure equity. He suggests reasons why small-to-mid-sized opportunities should feature prominently on investors’ radar.
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Energy-intensive industries: Unlocking low-carbon investment
16 Sep 2025
Vital industries for UK growth like steel or cement are also energy intensive, and their decarbonisation is essential. We convened a roundtable of experts to discuss barriers and solutions to unlocking low-carbon investment opportunities.
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Illiquidity premia in private debt: Q2 2025
14 Aug 2025
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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Building advantage: Finding a competitive edge in European high yield real estate debt
14 Jul 2025
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.
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MegaTRENDs: Why TRENDs matter for investing in private markets
27 Jun 2025
A set of megatrends is reshaping the world, creating new opportunities and risks for investments in private markets.
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Illiquidity premia in private debt: Q1 2025
16 May 2025
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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Private debt for DC pensions: The multi-sector opportunity
11 Feb 2025
As the search for better retirement outcomes for the 28 million members of the UK’s defined contribution (DC) pension schemes continues, where are the opportunities for DC investors in private debt and how can they be harnessed?
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
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.
Gregor Bamert
Head of Real Estate Debt
Renos Booth
Head of Real Estate Long Income
Shane O'Brien
Head of Investment Specialists (Public and Private markets)
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.