Metrovacesa, Spain’s leading real estate developer with more than 100 years of history, and urban regeneration specialists Vita Group, have extended their agreement at the Oria Innovation Campus project, securing the development of approximately half of the entire complex.
The deal is to develop a second accommodation building, which will have 519 rooms with all services, such as a co-working area, games room and a swimming pool which will be distributed over a total of 22,000 sqm. Construction on the second tower is scheduled to start in the first half of 2024 with completion in 2026, with Vita Group, industry leader in its segment, as the future owner and operator of the building. As with Vita Student Oria, a joint venture will be created between Metrovacesa and Vita for the construction of the building. This agreement kick starts the Oria Innovation Campus project, securing the development of approximately half of the entire complex.
It comes as Metrovacesa and Vita Group break ground on the student residence, Vita Student Oria Madrid which is scheduled to complete in 2026. The building will have a total of 588 fully equipped studios and large common areas with swimming pool, gym and spacious lounges. 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 whereby Metrovacesa contributes with the land and with its experience in property development, while Vita Group contributes with the financing the project, as well as its vast knowledge of creating and operating the world’s best student accommodation experience. Upon completion, Vita Group will acquire full ownership of the building from Metrovacesa.
Both buildings are located on Avenida Cardenal Herrera Oria, next to the former Clesa factory, and will have very good public transport connections, including a train station on the doorstep with a connection to the Chamartín transport hub in the city centre within 1 stop.
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, this transaction represents the launch of the Oria Innovation Campus project, the largest development in its portfolio for commercial use and an example of the long-term value creation of its land portfolio. With a total of 89,000 sqm of mixed-use land, the Oria Project will represent a total investment of more than 300 million euros in the city of Madrid. In addition to the two Vita buildings, the complex will comprise two office buildings totalling more than 46,000 sqm (Oria Vision and Oria Terra), for which Metrovacesa continues to explore opportunities with potential investors and/or tenants.
Oria Innovation Campus aims to become 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, efficient buildings achieving BREEAM ‘very good’ certification as a minimum standard. Fifty per cent 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 more than 350 spaces prepared for charging electric vehicles.
From the outset, Oria Innovation Campus has been designed to maximise 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.