Vita Group signs an agreement with Spain’s leading real estate developer Metrovacesa to develop a flagship Vita Student residence in Madrid. The purpose-built student accommodation (PBSA) scheme will include 588 fully equipped studio apartments and amenities such as lounges, study spaces, terraces and a swimming pool. It will be a 14-storey building with a total of 20,100 sqm.
Located in the Cardenal Herrera Oria Avenue, next to the former Clesa factory, it has good public transport connections, including a train station, and is close to several universities, which are all a short train journey away from the site.
Vita Group and Metrovacesa will jointly develop the residence. Vita Group will finance the new development, drawing on its knowledge on student accommodation creation and development. Metrovacesa will develop the new site, drawing on its knowledge of property development in the Spanish capital. Construction works will start in 2023 and will be completed in 2025, when Vita Group will acquire full ownership of the building.
For Vita Group, this agreement will create its first, flagship student residence in Madrid, expanding its presence in the Spanish market, where it already has two projects under development in Barcelona. Vita Group has created a number of student communities that aim to attract top national and international talent to leading universities whilst easing pressures on local real estate markets.
For Metrovacesa, this deal represents the kickstart of the Oria Innovation Campus, a major new development project located next to the former Clesa factory in Madrid. The complex will comprise four buildings with a total of 89,000 sqm for different uses – including offices, hospitality and student accommodation, and a total investment of around €330m. This is the first agreement for this development, and Metrovacesa is exploring opportunities for the development of the three other buildings with potential investors.