Privately held investment firm Cain International has issued a €74 mln construction loan to Vita Group and Metrovacesca SA to develop Vita’s flagship 585-bed Vita Student purpose-built student accommodation (PBSA) scheme in Madrid.
The loan marks the debut transaction for Cain’s lending platform in the Spanish market and the fifth time it has partnered with Vita Group. Since 2020, Cain has provided £400 mln in construction financing to the group to support its PBSA strategy across key UK university cities including Manchester, Warwick, and Coventry, delivering 4,000 beds.
The development is part of the wider Oria Campus, which is being delivered by Metrovacesca, a real estate developer in Spain. Located in the north of Madrid, the scheme also includes a multi-family build-to-rent residential tower, office space, and a life science lab spread over an area of 89,000 m2.
The Vita Student scheme will include high-quality amenity spaces including dining rooms, study rooms, a gym, rooftop terrace, and a pool. The project is expected to be delivered ahead of the 2026/2027 academic year.
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.'
