Vita Group signs a second agreement with Metrovacesa for a Living Building at Oria Innovation Campus
- The student residence, the first joint project previously signed between Metrovacesa and Vita Group, now starts construction and will be completed in 2026.
- These two projects mark the start of the Oria Innovation Campus project, a complex that will consist of four buildings and a total of 89,000 m2, with a planned investment of more than 300 million euros, and located next to the former Clesa factory in Madrid.
Madrid, 09 January 2024. Metrovacesa, Spain’s leading real estate developer with more than 100 years of history, and Grupo Vita, a specialist in urban regeneration, have extended their agreement on the Oria Innovation Campus to cover the development of approximately half of the entire complex.
The agreement consists of developing a second building for accommodation, which will have 519 rooms with all the services, such as a co-working area, games room, swimming pool, etc. distributed over a total of 22,000 m2. Construction is scheduled to start in the first half of 2024 and the building will be delivered in 2026, when Vita Group, the sector leader in its segment, will be the operator and owner of the building. At the beginning of the construction works, another joint venture will be created between Metrovacesa and Vita for the development of the project, in the same way as has been done for the Vita Student Oria residence. This agreement kicks off the Oria Innovation Campus project by covering the development of approximately half of the entire complex.
In addition, Metrovacesa and Vita Group are starting construction work on the Vita Student Oria Madrid student residence, which is scheduled for completion in 2026. The building will have a total of 588 fully equipped studios and spacious common areas with swimming pool, gym or large lounges. It will be a 14-storey building with a total of 20,100 m2, for the development of which a joint venture has been created between Metrovacesa and Vita, with shared control between the two, in which Metrovacesa provides the land and its experience as a property developer, while Vita Group provides the financing of the project, as well as its experience in creating the best student accommodation. Upon completion, Vita Group will acquire full ownership of the building from the developer.
Both buildings, located on Avenida Cardenal Herrera Oria, next to the former Clesa factory, will have very good public transport connections, including a train station on the doorstep, just one stop away from the Chamartín transport interchange.
For Vita Group, this agreement means expanding its presence in the Spanish market, creating its first flagship Vita Student residence in Madrid and extending its offer in different accommodation segments.
For Metrovacesa, this transaction represents the launch of the Oria Innovation Campus project, the largest project in its tertiary business segment and an example of the long-term value creation of its land portfolio. With a total of 89,000 m2 of mixed uses, the Oria Project will represent a total investment of more than 300 million euros for the city of Madrid. In addition to the two Vita buildings, the complex will comprise two other office buildings totalling more than 46,000 sqm (Oria Vision and Oria Terra), for which Metrovacesa continues to explore alternatives with potential investors and/or tenants.
Oria Innovation Campus aims to be 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 and efficient buildings, which will achieve, as a minimum, the BREEAM ‘Very Good’ rating. Fifty per cent of the common areas of the complex will be dedicated to green areas. It will also have 1,200 parking spaces within the master plan, fully guarded, 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.
