Grupo Lar and Elix have formed Vivia, an operator specialising in rental property management in Spain, which is starting out with a portfolio of 5,000 units under management. The new company has a team of more than 30 professionals and a presence in the country's main cities.
Vivia will be led by Daniel Toribio, previously managing director of Elix's residential rental management subsidiary. With more than two decades of experience in the sector, Toribio has held positions such as CEO of Tempore Properties (TPG Group) and Lease Director at Anticipa Real Estate (Blackstone), as well as responsibilities at Servihabitat, Ferrovial Inmobiliaria and Azzam. The Board of Directors is made up of six directors, three for each partner.
The management company is a joint venture between Gentalia, Grupo Lar's property management subsidiary specialising in residential rentals, and KM2, Elix's property management division. Vivia focuses on medium and long-term rentals and has a multi-client profile, with a base that includes institutional investors and family offices.
The growth plan envisages initially consolidating its presence in Madrid and Barcelona, with short-term expansion into Valencia and Malaga. Subsequently, it plans to enter markets such as Alicante, Murcia, Seville, Zaragoza and Bilbao, where opportunities are identified linked to the fragmentation of the residential stock and the growing demand for professional operators.
In addition to comprehensive management services, Vivia will develop complementary solutions, including medium-stay products under the Flex Living concept, one of the most dynamic formats in the Spanish residential market. The company aims to increase the number of homes managed in the medium term, with a strategy based on operational efficiency, income stability and profitability for owners.
Grupo Lar's commitment to residential rentals
The creation of Vivia alongside Elix joins other initiatives that Grupo Lar is developing in the living segment in Spain. In 2020, the company launched Vivia Homes together with Primonial REIM, which in 2024 became Praemia REIM, a platform that continues to operate in 2025 with projects in cities such as Madrid, Barcelona, Valencia and Alicante, focused on the development and management of rental housing under the BTR model.
In addition, last August Grupo Lar reached an agreement with JPMorgan Asset Management to invest €600 million in flex living projects. The platform plans to develop around 5,000 beds in ten complexes located in Madrid, Barcelona, Valencia and Malaga over a five-year period. The first project, with 500 units in San Sebastián de los Reyes (Madrid), is already underway, while other developments are planned in Alcorcón, Cornellà, Fuenlabrada and Leganés.
With these alliances, Grupo Lar is creating a diversified residential ecosystem that combines BTR with Vivia Homes, flex living with JPMorgan and now a multi-client operator specialising in the comprehensive management of existing portfolios with Elix.
The launch of Vivia reflects the consolidation of institutional rental in Spain, a market in which the fragmentation of the residential stock and pressure from demand are driving the entry of new professional managers. The combination of BTR platforms, flex living and multi-client operators shows how large groups are diversifying their strategies to respond to different tenant and investor profiles.
