Investment firm Cain International has expanded its lending platform into Spain by providing a €74m loan for Vita Group’s purpose-built student accommodation (PBSA) scheme in Madrid.
Cain has issued its debut Spanish construction loan to Vita Group and Metrovacesca for the development of Vita’s 585-bed scheme within the wider Oria Campus, which is being delivered by Metrovacesca.
The project is expected to be delivered ahead of the 2026/2027 academic year.
The transaction also strengthens Cain’s partnership with Vita which has involved Cain providing around £400m (€467.7m) in construction financing to Vita since 2020 to support its PBSA strategy across UK university cities including Manchester, Warwick, and Coventry.
Graham Keable, managing director at Cain International, said: “Madrid’s student sector demonstrates favourable long-term fundamentals, and this transaction represented a unique opportunity to expand Cain’s lending platform to a new market with a longstanding and reputable partner.
“We have worked closely with the Vita team across multiple PBSA opportunities in the UK and are confident its high-quality product will be an attractive offering in one of Europe’s top student destinations.”
Michael Slater, Vita Group’s CFO, said: “Closing this financing agreement with Cain marks a significant milestone for our flagship Madrid scheme. We look forward to working alongside Cain and our partners at Metrovacesca SA to deliver one of Madrid’s most dynamic student communities.”
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