Aviva Investors, the global asset management division of Aviva plc, has expanded its Spanish BTR platform with the acquisition of an industrial site in the Jesús neighbourhood of Valencia, where it plans to develop 132 homes across two residential blocks.
The site, located less than 3 kilometres from the city centre and currently occupied by industrial buildings, has already received planning permission for the change of use. The project will be managed by Propia, a property development company created last year through a partnership between Aviva Investors and Layetana Living. Knight Frank advised the buyer and Ashurst acted as legal counsel.
All homes will feature a private terrace or balcony, and the complex will include a gym, a co-working space, a garden with a swimming pool, a children’s play area and around 100 sqm of retail space on the ground floor. Construction is scheduled to begin in the second half of 2027.
The site forms part of the urban regeneration area linked to Parque Central, the project that will transform former railway land and add a park and public spaces covering an area of 230,000 sqm.
This acquisition is Aviva Investors’ second in Valencia as part of its Spanish build-to-rent platform, following the purchase of land in Paterna in January. Since 2022, the fund manager has made seven investments in this sector in Spain, with a portfolio comprising over 1,200 apartments under development in Valencia, Madrid, Barcelona and Palma de Mallorca, and a gross development value exceeding €360 million.
“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. By investing here, we are creating much‑needed, high-quality energy‑efficient homes that meet local needs, and which we believe can deliver long-term outcomes for investors”, said James Wythe, Fund Manager, Real Estate Equity, at Aviva Investors.
