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Metrovacesa and Vita Group form joint venture for Madrid

 Metrovacesa and Vita Group form joint venture to develop a flex-living building in Madrid  

Metrovacesa, Spain’s leading real estate developer with more than 100 years of history, and Vita Group, a specialist in urban regeneration, have signed a joint venture to develop a flex-living building at Oria Innovation Campus, on Avenida Cardenal Herrera Oria, next to the former Clesa factory in Madrid.

It is a 22,000 sqm building will have 519 rooms with a plethora of resident amenities and services, such as a co-working area, games room and swimming pool. The construction will begin this October, and it will come into operation in 2027, at which time Vita Group will become the sole owner and operator of the building.

Cain International (“Cain”), the alternative asset manager specialising in real estate investment solutions, is providing a €73 million construction loan to Vita Group and Metrovacesa SA for the development of the flexible living tower. The deal marks Cain’s seventh financing transaction with Vita Group, supporting the delivery of over 5,000 beds across the U.K. and Europe.

The agreement marks Vita’s first venture into Flex-Living, utilising its experience as a vertically integrated developer and operator of Co-Living, PBSA and BTR brands to develop a best-in-class Flex-Living product which responds to Madrid’s fast-paced rental market.

The project is the second Vita Group and Metrovacesa are jointly developing, both within the scope of the Oria Innovation Campus. Works begun on the first building, Vita Student Oria Madrid, at the end of 2023 and will be completed in 2026. The 20,100 sqm residence will have a total of 588 high quality studio apartments offering ‘the world’s best student living experience’ with outstanding amenities such as a state-of-the-art gym, games room, private dining rooms, study areas and a swimming pool. Amenities are complemented by Vita Student’s industry leading ‘all in’ student living which includes bills, a balanced breakfast, superfast connectivity, housekeeping, access to the extensive bookable spaces and a full events calendar.

For Metrovacesa, Oria Innovation Campus is the largest project in its tertiary business segment and an example of the long-term value creation of its land portfolio. With a total of 89,000 sqm of mixed-use land spread over four buildings, the Oria Project will represent a total investment of more than 300 million euros for the city of Madrid. In addition to the two Vita buildings, the complex will have a further two buildings with a further 46,000 sqm for tertiary use, for which Metrovacesa continues to explore alternatives with potential investors or tenants. The area has very good public transport connections, including a train station on the doorstep, just one stop away from the Chamartín transport interchange.

Oria Innovation Campus aims to be a benchmark space in terms of energy efficiency and urban regeneration of an area that had been in disuse for years, promoting a new pole of economic activity. It will have state-of-the-art, high quality and efficient buildings, which will achieve, as a minimum, the BREEAM ‘Excellent’ rating. Fifty per cent of the common areas of the complex will be dedicated to green areas. It will also have a high number of parking spaces within the master plan, fully guarded, with an area dedicated to car sharing and electric vehicle charging.

From the outset, Oria Innovation Campus has been designed to maximize its value through the development of real estate assets and common spaces that generate synergies between the complex and its different types of users. Thus, the main pillars that best define the project are: Connectivity, Community, Talent and Innovation.

Enrique Gracia, Director of Tertiary at Metrovacesa, commented: ‘At Metrovacesa we are committed to creating innovative projects that bring long-term value to cities. Oria Innovation Campus is an emblematic project that contributes to urban regeneration and dynamism in the city of Madrid, and this agreement between Metrovacesa and Vita Group is an important milestone to ensure the success of the project’.

Ioannis Verdelis, Chief Investment Officer for Vita Group said: “The Oria Innovation Campus is one of the most exciting large-scale urban regeneration projects taking place in Europe and provides Vita with an opportunity to take its best-in-class living products and tailor them to this fast-paced, residential market which is short supply. We’re confident that with Madrid’s growing economy, vibrant tourism and reputation for some of the world’s best higher education institutions that our new flex-living product will respond incredibly well to the residential needs of the city and with Metrovacesa and Cain we have the right partners on board to help deliver it.”

Graham Keable, Managing Director at Cain International, commented: “Madrid’s robust economic growth, strong demographic profile, and key industries like travel, tourism, technology, education and manufacturing have created favourable long-term fundamentals for its living sector. Having partnered with the Vita team on multiple PBSA projects, we are confident that their strong track record and high-quality offering will appeal in one of Europe’s leading cities. We look forward to continuing to strengthen our partnership.”

Place & Community

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Place & Community

Create thriving communities, a principle which has been with us from the very start, it’s simply not good enough to create a building without thinking carefully about its context and the wider impact it has on its surrounding neighbourhood. We’re driven to create communities within communities as well as respond to and complement the neighbourhood and its eco-system. Creating tomorrow’s city living means we must be part of the DNA of that city and partnering with local authorities. This includes connecting with local suppliers, talent, charities, and businesses, collaborating on important community initiatives and helping to develop surrounding spaces. It’s not just about helping to regenerate cities; it’s helping them to function effectively.

Society

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Society

We know that in helping to create tomorrow’s cities, we have a responsibility to have the best possible impact on society as a whole. As such, we won’t be afraid to challenge those things which just don’t sit right. So don’t be surprised to see us take a knee at the start of a sporting event, celebrate key religious holidays, and fly the rainbow flag for pride. To create a better tomorrow, we must stand together today.

Environment

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Environment

To really effect change and create a platform in which cities thrive, we know we need to look beyond building design, carbon creation and energy usage. We must tackle bigger issues and help change behaviours, as such we’re creating initiatives which help users across the platform understand the role they can play in reducing our impact on the world.

Sustainable Operations

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Sustainable Operations

Continually reduce our use of the planet’s valuable resources, working towards net-zero carbon, sourcing green energies and reducing non-recyclable waste.

Building Design

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Building Design

Building design – create a harmonic balance between buildings, the environment and their users. Constantly looking at ways we can improve efficiency (reducing U and Y values), reduce embodied carbon through production whilst ensuring wellbeing through design and innovation to create high performing buildings which enable their occupants to live more healthily and productively. It includes elements such as air quality, sustainable construction and amenities.

Governance

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Governance

Applying best practice and the highest standards and ethics to everything we do. From how we manage personal data to how we conduct our business in every aspect of the corporate and consumer realm. Our policies and practices ensure we’re constantly reviewing, auditing and ensuring statutory compliance and principled integrity. We are guided by best-in-class professional advisory firms in developing and reviewing our corporate policies, as well as following national guidance on health and safety and sector-specific codes of practice to ensure we maintain the state of the art.

Welfare & Wellbeing

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Welfare & Wellbeing

Provide a welfare and wellbeing care package for all our people to access. Ensure every resident feels welcome, is part of the community and has the best possible opportunity to thrive incorporating physical and mental wellbeing. This includes constantly evolving our services such as the duty of care charter, onboarding events, our state-of-the-art gyms and free to use bikes.

Talent

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Talent

Create a culture and environment which allows our colleagues to thrive. We recruit the very best people and give them the opportunity to be better. From our fair pay policies and flexible working, to personal development programmes, life shaping experiences, and inclusive recruitment, everyone has the best opportunity to thrive.