Specialists in creating tomorrow’s urban living, Vita Group has signed an agreement with Madrid-based Metrovacesa, the leading real estate developer in Spain, for the joint development of a Vita Student Madrid residence.
The property will comprise of 588 fully equipped studio apartments, large 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 very good public transport connections, including a train station at the door, with several universities only a few train stops away from the site.
Vita Group will finance the new development, bringing its in-depth knowledge for creating the world’s best student accommodation. Whilst Metrovacesa will develop the new site and bring along a breadth knowledge of property development in the Spanish capital. Construction works will commence 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. Part of the businesses’ Spanish roll out strategy, Vita Group has an outstanding reputation for creating thriving student communities which 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 of four buildings with a total of 89,000 sqm of different uses, including offices, hospitality and student accommodation, and a total investment of around €330 million. The first agreement for this development, Metrovacesa is exploring opportunities for the development of the three other buildings with potential investors.