Aviva Investors has teamed up with Spanish residential developer Layetana Living to launch a new local company focused on the build-to-rent housing sector.
Aviva Investors said it will hold a non-controlling, minority stake in the new company Propia, whose board will comprise directors Santi Mercadé, 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’ current residential properties in Madrid, Barcelona and Palma de Mallorca. Propia also plans to invest in future developments in prime urban areas across Spain.
Source: realassets.ipe.com on the 25th of June