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Aviva Investors quietly launches build-to-rent venture with house builder
Aviva Investors has quietly launched a build-to-rent joint venture with a house builder.
Aviva Investors has quietly launched a build-to-rent joint venture with a house builder #UKhousingThe British insurance giant has set up a new, “end-to-end” living sector partnership with Dandara Group called Colby River, which operates across purpose-built student accommodation, urban and suburban build-to-rent, co-living and later living.
Although described as a management business, the platform will be “fully integrated”, from deal-sourcing, underwriting and execution to development, mobilisation, long-term lettings and operations.
Aviva has been investing in suburban build-to-rent homes since 2021, primarily through a platform run by Canadian asset manager Fiera Capital.
By contrast, with Colby River, Aviva has 50-50 ownership of the platform with Dandara, rather than solely owning the real estate.
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However, Inside Housing Living understands there are no plans to disband the partnership between Aviva and Fiera Capital and the relationship remains positive and ongoing.
Colby River was incorporated in June 2025 and trade press reported its launch in September, following the spin-out of Dandara Living Management from Dandara.
On Companies House, both Aviva Investors and Dandara founder Daniel Tynan are listed as persons with significant control of the company.
James Stevens, head of investment (global real estate), and Seán Moran, director and head of real estate transactions at Aviva Investors, were appointed co-directors of Colby River on 31 July 2025, the filings show.
Colby River’s managing director is Delphine Deasy, who joined the company in August 2025 from Pension Insurance Corporation, where she was head of build-to-rent.
Aviva launched its separate partnership with Fiera Capital’s build-to-rent operator Packaged Living in 2021. The venture forward-funded homes directly from house builders, including Dandara.
Last year, Aviva announced that it had completed investments in 10 single-family developments with Packaged Living, resulting in a total fund commitment of over £500m.
Five of these 10 developments were constructed by Dandara, including schemes in Bedfordshire, Dartford, Braintree and two in Milton Keynes.
Inside Housing Living understands there is still capital to deploy in the Aviva-Packaged Living partnership and neither party has exclusivity over the other.
Once the capital is fully deployed, Packaged Living will look for new investors. This could be with Aviva or another limited partner.
Mr Tynan founded Dandara on the Isle of Man in the 1980s. The house builder began by building homes on the island for the growing number of people arriving to work in financial services, before moving into development in mainland England.
Dandara also has its own urban build-to-rent business, Dandara Living. Its management portfolio includes 3,700 homes in six UK towns and cities.
Colby River, Aviva Investors and Dandara were approached for comment.
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