Aviva Investors has grown its Spanish Build To Rent (BTR) portfolio by acquiring a residential development site in Valencia.

The project will be managed by Propia, a partnership between Aviva Investors and Layetana Living, a Spanish residential developer.

The scheme will deliver 120 one- and two-bed units over 11 storeys.

The building will target a BREEAM ‘Excellent’ rating and EPC ratied AA.

There will be a gym, co-working space, residents swimming pool and children’s play area.

It is the sixth investment by Aviva Investors in Spain’s BTR market since 2022 following Madrid, Barcelona and Palma de Mallorca.

The portfolio has over 1,100 apartments with a gross development value (‘GDV’) of over €350m.