Aviva InvestorsBritish global asset management company, and Catalan lay living has announced the construction of a New company to boost housing portfolio of sustainable rental (BTR’) in Spain.
company, the object of which shall be a Portfolio of over 500 million euroshas already secured its first development project in consultation with global real estate consultancy Knight Frank, is acquiring a residential development in Barcelona.
The 71-unit project, located in Barcelona’s Sants district, will be delivered by the end of 2023 and will provide leisure spaces, a rooftop terrace and a cafeteria. The plot was purchased under the existing license and the construction work has already started.
With an emphasis on sustainability, including carbon reduction in both construction and energy consumption in homes, the new company aims to ensure that Homes have quality outdoor space and ample technical equipment for residents For a low carbon future.
Future projects he is keen on will include both promotion and acquisitions in the main cities of Spain, especially in madrid and barcelonaand other places with a wide range of services and good public transport connections.
Aviva Investors and Letana Living will set up a new operating brand Under which the property will be managed with operator services provided by Letana Living.
is about Second take risks These types of investments made by Aviva InvestorsWhich has teamed up with UK developer of Packaged Living, BTR Construction, a specialist UK developer to build a platform for affordable, energy-efficient family homes across the UK and most recently a partnership to acquire and develop 195 homes in the West Midlands. Agreement is announced.
“We are delighted to partner with Letana in the dynamic and changing Spanish residential market, as well as to expand our BTR program across continental Europe. We are very pleased to have already secured our first project in Catalonia, where supply constraints and affordable prices are driving the demand for rentals. The Spanish market is well complemented with our growing European portfolio and our focus on offering clients active capital investments. We believe this approach will best serve our investors, with returns that can better reflect Transfer risk and long-term structural change Happening in today’s real estate market,” said George Fraser-Harding, director of the European Fund at Aviva Investors.
For his part, Leytana CEO Santiago Mercade commented that “The lack of rental offers is dramatic in most markets in Spain And there is a huge demand for a quality and economical product. Our partnership with Aviva Investors creates a platform that will seek to bridge this imbalance and offer a portfolio of high quality apartments at affordable rental prices under a single brand that reflects its high standards of construction, affordable prices. And enough to be recognized for life. space. outdoor holiday”.
“we are looking Real growth in the BTR market in SpainWith volumes that will double during 2022. The association not only demonstrates a long-standing interest in the development of BTR, but also demonstrates confidence in the fundamentals supporting the residential investment market in Spain in order to offer an institutional product, professionally managed by a market leader. Stuart Osborne, Head of European Residential Investment Transactions at Knight Frank.