Aviva Investors has expanded its Spanish build-to-rent platform with the acquisition of a residential site in Madrid.
Aviva Investors said the acquired site in Butarque, which will be developed to provide 207 residences, is the fifth investment made by the asset manager in the Spanish residential market.
The project is expected to be completed by the end of 2027.
The build-to-rent platform has now funded 928 homes across five developments, with a gross development value of approximately €300m, the manager said.
George Fraser-Harding, head of pan-European real estate funds at Aviva Investors, said: “Madrid has experienced significant population growth over the past decade, so we are pleased to grow our build-to-rent platform in Spain and to continue supporting the delivery of new homes across one of its most dynamic cities.
“This is a development that we believe helps residents get ready for the future by providing them with modern and energy-efficient homes that can minimise costs for those living in them, whilst being set in an exciting new neighbourhood with excellent access to the city.
“As the Butarque district continues to attract young families to it, not only will this scheme help meet housing needs in the city but it should also help it support long-term outcomes for investors.”
To read the latest IPE Real Assets magazine click here.
