Aviva Investors purchased a 234-unit residential development in Spain from developer Via Agora, as it continues to grow its Spanish build-to-rent (BTR) platform in partnership with Layetana Living (Layetana).
As part of the agreement, Via Agora will act as both developer and contractor for the scheme, making use of its expertise in sustainable construction and in-house supply chain to manufacture prefabricated façade panels for the development at its factory in nearby Cuenca.
Located in the Valdebebas area of Madrid, a prime multifamily area on the eastern edge of the city, the scheme will provide 234 units of high-quality mid-market housing, via a mix of one-, two- and three-bedroom apartments spread across ten storeys and two basement levels.
Overlooking 3,400,000m2 of parkland and views of the Madrid skyline, the scheme focuses on sustainability, including an all-electric design targeting BREEAM ‘Excellent’. All homes will feature a balcony or terrace, whilst the development will also provide residents with over 450m2 of amenity space including a gym, co-working areas, residents’ lounge and dining facilities. Externally the complex will feature a communal pool area, padel courts and a roof terrace. It is expected to be completed by mid-2025.
George Fraser-Harding, Head of European Funds at Aviva Investors, 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-mover and secure a high-quality development pipeline, even more important. Valdebebas is home to a young, dynamic population, which we think positions it well for future demand and growth. Importantly, it also expands our build-to-rent platform beyond our existing schemes in the Barcelona region and should bring strong long-term benefits to the portfolio. We look forward to working with Via Agora to deliver this high-quality scheme.”
James Wells, BTR Director at Layetana, commented: “Valdebebas is probably the most successful new sector in Madrid in 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.”