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

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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.

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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, Real Estate Debt

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