Aviva Investors has expanded its Spanish build-to-rent (BTR) portfolio by acquiring a second residential development site in Valencia.
The global asset manager has acquired the brownfield development site for a 132-unit residential project across two blocks.
The asset, in the Jesús district of Valencia, will be managed by Propia, a dedicated real estate operating platform launched last year through a partnership between Aviva Investors and Spanish developer Layetana Living.
Construction is expected to start in the second half of 2027.
The latest acquisition represents Aviva Investors’ second BTR scheme in Valencia, following a transaction in the city’s Paterna municipality in January.
Since 2022, Aviva Investors has completed seven investments in the Spanish BTR sector. The firm’s portfolio currently comprises more than 1,200 apartments across Valencia, Madrid, Barcelona and Palma de Mallorca, representing a gross development value of over €360m.
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.”
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