Real estate developer Metrovacesa and urban regeneration specialists Vita Group have extended an agreement at the Oria Innovation Campus project, securing the development of approximately half of the entire complex. The deal involves developing a second accommodation building – Vita Student Oria – which will have 519 student rooms. Amenities such as a co-working area, games room and a swimming pool will be distributed over a total of 22,000 sqm.
A joint venture will be created between Metrovacesa and Vita for the construction of the Vita Student Oria building, which is scheduled to start in the first half of this year, with completion in 2026. This agreement kick starts the Oria Innovation Campus project. Once complete, Vita Group will own and operate the building.
The 14-storey building totals 20,100 sqm for which Metrovacesa and Vita have created a joint venture, with shared control governance for the development. Metrovacesa contributes with the land and its experience in property development, and Vita Group contributes with financing the project and its experience in student accommodation management.
For Vita Group, this agreement expands its presence in the Spanish market, creating its first flagship Vita Student residence in Madrid and further developing its offering across different accommodation verticals.
For Metrovacesa, the transaction represents the launch of the Oria Innovation Campus project. It is the largest development in its portfolio for commercial use. With a total of 89,000 sqm of mixed-use land, the Oria Project will represent a total investment of over €300m in the city of Madrid.
This news follows Metrovacesa and Vita Group breaking ground at the Vita Student Oria Madrid development, which will have a total of 588 fully equipped studios and large common areas with swimming pool, gym, and spacious lounges.
Both buildings are located on Avenida Cardenal Herrera Oria, next to the former Clesa factory and nearby convenient public transport connections, including a train station with a connection to the Chamartín transport hub in the city centre within one stop.
In addition to the Vita Student Oria and Vita Student Oria Madrid buildings, the complex will include two office buildings totaling over 46,000 sqm (Oria Vision and Oria Terra). Oria Innovation Campus aims to become a benchmark development in terms of energy efficiency and urban regeneration of an area that had been in disuse for years.
Oria Innovation Campus will have high quality efficient buildings achieving BREEAM ‘very good’ certification as a minimum standard. 50% of the common areas of the complex will be green areas. It will also have 1,200 parking spaces within the masterplan, fully monitored, with an area dedicated to car sharing and over 350 spaces prepared for charging electric vehicles.