By Millie Turner
Aviva Investors is looking to develop a build-to-rent portfolio in Spain worth €500m (£438m), having recently built out its European real estate investment team.
It is the second build-to-rent venture by Aviva Investors and its first in continental Europe, following its partnership with Packaged Living for 195 homes in the West Midlands, UK.
The asset manager has appointed four additions into its European real estate investment team since the beginning of the year, with two fund managers having joined in the past week alone.
The City investment giant is looking to continue growing its European team as it embarks on the build-to-rent partnership with Spanish developer Layetana Living.
The property duo, under the advice of Knight Frank, have secured a residential development project in Barcelona.
Similarly to London, the beach-side city welcomes an influx of rent-hungry foreigners looking to study and work every year.
The 71-unit scheme, located in the Sants district of Barcelona, is expected to be completed by the end of 2023.
It comes as homeownership falls further out of reach for many across Europe, as an economic downturn sweeps the continent.
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