Ashurst advises Aviva on Valencia BTR site deal

Ashurst has advised Aviva Investors on the €5 million acquisition of a brownfield industrial plot in Valencia, Spain, for conversion into a residential building within its Spanish build-to-rent (BTR) platform, in partnership with Propia.

The acquired site is intended for the development of a residential building with capacity for up to 132 apartments. The project forms part of Aviva Investors’ existing BTR strategy in Spain, which it is pursuing in collaboration with Propia. The deal involves the conversion of a former industrial parcel into a purpose-built residential asset.

Ashurst team

The Ashurst team advising on the transaction was led by real estate partner Joaquín Macías, supported by partner Ricardo García-Borregón (tax), senior associate María Antonia de Prada (real estate), associate Julia Lorenzo (real estate), and associate Nicole Ciferni (tax).