Aviva Investors has teamed up with Spanish residential developer Layetana Living to launch a new local company focused on the build-to-rent housing sector.
Aviva Investors said it will hold a non-controlling, minority stake in the new company Propia, whose board will comprise directors Santi Mercadé, Toni Punti and James Wells from Layetana Living, alongside George Fraser-Harding and James Stevens from Aviva Investors.
Propia will oversee the sourcing, development and operational management of rental housing across key Spanish cities. This includes Aviva Investors’ current residential properties in Madrid, Barcelona and Palma de Mallorca. Propia also plans to invest in future developments in prime urban areas across Spain.
Fraser-Harding, head of pan-European funds, real estate, at Aviva Investors, said: “Propia marks a significant evolutionary step in our build-to-rent capabilities, under a structure which brings us closer to our operating partners.
“By combining the collective expertise of Aviva Investors and Layetana through a dedicated operating company, we have a truly vertically-integrated approach, which believe can improve the quality of service for residents whilst driving long-term value for our investors through active asset management and improved operational efficiencies.”
Mercadé, CEO at Layetana Living, said: “We are proud to deepen our partnership with Aviva Investors through the launch of Propia. This new platform reflects our shared commitment to delivering high-quality, sustainable rental housing in Spain’s most dynamic urban markets.
“By combining our local development expertise with Aviva Investors’ institutional strength, we are creating a model that prioritizes resident experience, long-term value, and responsible urban growth.”
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