Investors has teamed up with Spanish residential developer Layetana Living to launch a new local company focused on the build-to-rent housing sector.
said it will hold a non-controlling, minority stake in the new company Propia, whose board will comprise directors Santi Mercad茅, Toni Punti and James Wells from Layetana Living, alongside George Fraser-Harding and James Stevens from Aviva Investors.
Propia will oversee the sourcing, development and operational management of rental housing across key Spanish cities. This includes Aviva Investors鈥� current residential properties in Madrid, Barcelona and Palma de Mallorca. Propia also plans to invest in future developments in prime urban areas across Spain.
Fraser-Harding, head of pan-European funds, real estate, at Aviva Investors, said: 鈥淧ropia marks a significant evolutionary step in our build-to-rent capabilities, under a structure which brings us closer to our operating partners.
鈥淏y combining the collective expertise of Aviva Investors and Layetana through a dedicated operating company, we have a truly vertically-integrated approach, which 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.鈥�
Mercad茅, CEO at Layetana Living, said: 鈥淲e 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鈥檚 most dynamic urban markets.
鈥淏y combining our local development expertise with Aviva Investors鈥� institutional strength, we are creating a model that prioritizes resident experience, long-term value, and responsible urban growth.鈥�
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