Aviva Investors Acquires New Site in Nou Llevant, Palma de Mallorca for Expanding European Residential Market
Aviva Investors announced the purchase of a new site in Nou Llevant, east of Palma de Mallorca, as part of its expansion strategy in the European residential market. In collaboration with Layetana Living, a leading Spanish developer, this move fits into Aviva Investors’ Build to Rent (BtR) platform, further developing its presence in the sector.
Once completed, the project will provide 331 homes with one, two, and three bedrooms and represents the largest joint investment by Aviva Investors and Layetana. Together, the firms have already funded more than 720 homes in Spain and have a portfolio of 1,200 single-family homes in the UK.
Nou Llevant has undergone significant transformation in recent years. Its strategic location, close to the popular Portixol neighborhood, the beach, and Palma international airport, makes the project highly attractive. The construction will boast a BREEAM ‘Excellent’ certification and an AA energy performance rating (EPC), highlighting its commitment to sustainability. It will incorporate a photovoltaic rooftop to meet its energy needs and offer full services to residents, including a swimming pool, common lounge, co-working space, and gym.
The building will be managed under the Propia brand, with Gestilar acting as the project manager. Ashurst and Knight Frank firms advised on the transaction.
George Fraser-Harding, Director of European Funds at Aviva Investors, expressed satisfaction with the acquisition: “We are pleased to secure our fourth development in the Spanish residential market, which will provide high-quality rental housing in a market with a chronically insufficient supply. Spain remains an attractive market with solid fundamentals, complementing our growing European portfolio and active equity strategy well.”
James Wells, BtR Director at Layetana, stated, “We are immensely pleased to achieve another significant milestone with this project in Palma. Our collaboration with Aviva is strengthening, showcasing our shared vision and commitment to seizing exceptional investment opportunities. Palma de Mallorca is experiencing a critical shortage of long-term rental housing, and we are delighted to have secured this plot in an established urban area. This development aims to redefine living standards in Palma and enhance the urban landscape with a benchmark residential offering.”