- It is Vita Group’s first Vita Student residence in Madrid, with 588 studios and excellent complementary services such as swimming pool, gym and lounges.
- Metrovacesa and Vita Group will jointly develop the residence, with Vita Group acquiring full ownership upon completion in 2025.
- Located next to the former Clesa factory, it is the first building of a larger 89,000 sqm project under development by Metrovacesa.
Madrid, 26 July 2022. Metrovacesa, Spain’s leading real estate developer with more than 100 years of history, has signed an agreement with Grupo Vita, a specialist in creating the urban life of the future, for the joint development of a Vita Student residence in Madrid.
The property will consist of 588 fully equipped studios, spacious lounges, study spaces, terraces and a swimming pool. It will be a 14-storey building with a total of 20,100 m2. Located on Avenida Cardenal Herrera Oria, next to the former Clesa factory, it has very good public transport connections, including a train station on the doorstep, with several universities just a few train stops from the site.
Metrovacesa is providing the land and its expertise in property development, while Vita Group will finance the project, bringing its in-depth knowledge of creating the best student accommodation in the world. Construction work will begin in 2023 and will be completed in 2025, when Vita Group will acquire full ownership of the building.
For the British company, this deal will see the creation of its first flagship student residence in Madrid, expanding its presence in the Spanish market, where it already has two projects under development in Barcelona. As part of its expansion strategy in Spain, Vita Group has an excellent reputation for creating thriving student communities that attract top national and international talent to leading universities, while relieving pressure on local property markets.
For Metrovacesa, this transaction marks the launch of the Oria Innovation Campus project, a major new development project located next to the former Clesa factory in the city of Madrid. The complex will consist of four buildings with a total of 89,000 m2 of different uses, including offices, hospitality and student accommodation, and a total investment of some 330 million euros. Following the first agreement for this development, Metrovacesa is exploring opportunities with potential investors for the development of the other three buildings.
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