Spanish developer Metrovacesa and Vita Group have secured a €73m construction loan from Cain International for a new 22,000sqm residential project in Madrid.
Metrovacesa and Vita have agreed to develop a 519-room flex-living tower at the Oria Innovation Campus. The project is scheduled to commence operations in 2027, at which point Vita will assume sole ownership and operational responsibility.
The project – Vita’s first venture into the flexible living sector – represents the second collaboration between Vita and Metrovacesa within the Oria Innovation Campus. Construction on the first building, Vita Student Oria Madrid, commenced in late 2023 and is expected to be completed in 2026.
Ioannis Verdelis, CIO at Vita Group said: “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.”
Enrique Gracia, director of tertiary at Metrovacesa, said: “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.”
Graham Keable, managing director at Cain International, said: “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 purpose-built student acommodation 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.”
Earlier this year, Cain issued its debut Spanish construction loan to Vita and Metrovacesca for the development of Vita’s 585-bed scheme within the wider Oria Campus, which is being delivered by Metrovacesca.
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