Aviva Investors, the global asset management arm of Aviva plc, has announced the purchase from developer Vía Ágora of a 234-unit turnkey residential development in Spain - expected to be completed by mid-2025 - as it continues to develop its Spanish Build to Rent (BtR) platform in partnership with Layetana Living ('Layetana').
As part of this agreement, Via Agora will act as developer and builder of the project, leveraging its expertise in sustainable construction and its in-house supply chain manufacturing prefabricated façade panels at its factory in Cuenca.
Located in the Valdebebas area of Madrid, a prime multi-family area on the eastern edge of the city, the project will offer 234 high quality housing units, all with terraces, through a mix of one, two and three bedroom flats spread over ten floors and two basements.
Overlooking 340 hectares of green space and the Madrid skyline, the project will focus on sustainability, aiming for an "Excellent" rating from BREEAM (Building Research Establishment Environmental Assessment Methodology), the most technically advanced method of assessing and certifying sustainability in building and a world leader in terms of the number of projects certified since its inception in 1990. The complex will offer residents more than 450 sqm of communal areas with a gym, co-working areas, residents' lounge and dining rooms. Outside, there will be a communal pool area, paddle tennis courts and a rooftop terrace.
George Fraser-Harding, Head of European Funds at Aviva Investors, said he was pleased "to have secured the off-market purchase of what we expect to be a leading asset in our Spanish portfolio in one of Madrid's most sought-after prime residential locations. BtR in Spain is still in its infancy, so the ability to act with agility as a pioneer and secure a portfolio of high quality developments is all the more important. Valdebebas has a young and dynamic population, which we believe positions it well for future demand and growth. More importantly, it also allows us to expand our BtR platform beyond our plans in the Barcelona region and should bring great long-term benefits to the portfolio. We look forward to working with Via Agora to develop this high quality project".
James Wells, BTR director at Layetana, commented: "Valdebebas is probably the most successful new area in Madrid in the last 20 years, so it is an important milestone for our platform that we are able to include this location in our portfolio. In a context of market uncertainty, we see this as a clear signal that we are willing to continue to acquire projects that deliver the necessary key fundamentals that we believe in as a company".
Knight Frank and Ashurst advised Aviva Investors.
