Aviva Investors and Propia expand Spanish BTR platform

Aviva Investors, through its partnership with Propia (a real estate operating company launched with Layetana Living), is expanding its Spanish BTR platform by acquiring a brownfield development site in Valencia.

Aviva Investors Propia, Valencia

The plan is to transform this site, currently industrial, into two residential blocks comprising 132 apartments.

Located in Valencia's Jesús district, less than 3km from the city centre, the site has already secured approval for a change of use. Each of the 132 planned apartments will feature a private terrace or balcony. Future amenities are expected to include a gym, co-working spaces, a residents' garden with a swimming pool, a children's play area, and 100 m2 of ground-floor retail space. The development will aim for top-tier sustainable standards, incorporating renewable energy and other eco-friendly measures. Construction is slated to begin in the latter half of 2027.

This project is part of a larger urban regeneration effort in Valencia, which includes the significant Parque Central initiative, designed to convert former railway lands into a new 230,000 m2 park and public spaces.

This marks Aviva Investors' second BTR acquisition in Valencia, following a site in the Paterna municipality acquired in January. Since 2022, Aviva Investors has made seven investments in Spain's BTR market, growing its platform to over 1,200 apartments across Valencia, Madrid, Barcelona, and Palma de Mallorca, with a gross development value exceeding €360 mln.

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.”

James Wells, director at Propia, added: “The acquisition of Rio Miño marks another important milestone in the expansion of our Spanish BTR 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.”

Knight Frank and Ashurst advised on the transaction.