Aviva Investors and Layetana Living launch BTR unit in Spain

Global asset manager Aviva Investors has partnered with Spanish residential developer Layetana Living to launch a new real estate company focused on the build-to-rent (BTR) sector in Spain.

Aviva Investors Layetana Living

The launch of Propia Operating Company (Propia) follows Aviva Investors' recent acquisition of a 207-unit development site in Madrid. It aims to create a vertically integrated structure for greater control and agility in sourcing, developing, and managing rental properties.
Propia will manage Aviva Investors' existing Spanish rental residential portfolio, which currently includes about 1,000 properties in Madrid, Barcelona, and Palma de Mallorca, and seek future opportunities in prime Spanish urban areas.
Aviva Investors, which holds a minority stake in Propia, with board representation from both companies, anticipates further investment in prime urban locations across Spain to provide affordable, long-term rental options.
The Board of Directors consists of Santi Mercadé, Toni Punti, and James Wells from Layetana Living, alongside George Fraser-Harding and James Stevens from Aviva Investors.
George Fraser-Harding, head of Pan-European Funds, Real Estate, at Aviva Investors, said: "Propia marks a significant evolutionary step in our BTR 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 we 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. The Spanish residential market is undergoing a transformation, with demand for professionally managed, high-quality rental housing increasing due to demographic shifts, affordability challenges, and changing lifestyle preferences. As it continues to mature and develop, we see strong long-term fundamentals to support its build-to-rent sector.”
Santi Mercadé, CEO at Layetana Living, commented: “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.”
Propia's strategy prioritizes sustainability and energy efficiency, targeting green building certifications and employing low-carbon construction. This approach, coupled with smart design and community-focused amenities, aims to foster vibrant living environments that promote tenant well-being. Furthermore, Propia will utilize technology, including smart home features and digital leasing, to improve the tenant experience and ensure operational efficiency through data-driven insights and proactive maintenance.