Spain: Aviva Investors has acquired a sustainable rental housing development in Catalonia, in partnership with property developer Layetana Living.
The construction of the property will start in the summer of 2023 and will be completed by next year. The build-to-rent development in La Gripa, Catalonia will have 85 units of either one, two, or three bedrooms. It will also include amenities such as a swimming pool, lounge, co-working facilities, and gym.
Aviva Investors plans to target sustainability by adopting energy-efficient measures to meet its net zero targets across all real assets by 2040.
George Fraser-Harding, the head of European funds at Aviva Investorz said: “Spain remains a market we are actively seeking opportunities in, as it continues to display strong fundamentals, complementing our growing European portfolio and focus on delivering an active equity strategy. We believe this approach will best serve our investors, with returns which can better reflect the changing risks and structural changes occurring across today’s real estate market.”
James Wells, BTR director at Layetana, said “We have assessed a number of opportunities in the city and are excited to have identified this site in a consolidated area with excellent transport links to both Terrassa centre and Barcelona.”
Knight Frank, the global property consultancy, advised on the acquisition and asset management company Sareb sold the site.
