Aviva Investors, the global asset management business of insurance giant Aviva plc, has struck a third build-to-rent transaction for its Spanish residential platform.

Aviva expands Spanish BTR platform

Aviva Expands Spanish BTR Platform

The company has agreed to forward purchase a 234-unit residential development from developer Via Agora for its platform in partnership with Layetana Living.

As part of the agreement, Via Agora will act as both developer and contractor for the scheme, which involves the in-house manufacture of prefabricated façades at its nearby factory.

The new project is located in the Valdebebas area of Madrid, a prime multifamily area on the eastern edge of the city providing a mix of one-, two- and three-bedroom apartments spread across ten storeys and two basement levels.

Valdebebas is a recently established residential area on the outskirts of Madrid, with good transport links and lying just 20 minutes from the city centre.

George Fraser-Harding, head of European funds, said: ‘We are incredibly pleased to secure the off-market purchase of what we expect to be a trophy asset within our Spanish portfolio, in one of Madrid’s most sought-after, prime residential locations.’

‘Spanish build-to-rent is still in its infancy, making the ability to move with agility as a first-move, and secure a high-quality development pipeline, even more important.’

James Wells, BTR director at Layetana, added Valdebebas was probably the most successful new sector in Madrid of the last 20 years.

‘So it is an important moment for our platform that we can now include this location in the portfolio. With ongoing market uncertainty, we consider this to be a strong signal of intent that we are prepared to continue to acquire projects which offer the required core fundamentals.'

Knight Frank and Ashurst advised Aviva Investors.