Metrovacesa, in collaboration with Vita Group, has announced the creation of a joint venture for the development of a flex living building at the Oria Innovation Campus, located on Avenida Cardenal Herrera Oria, next to the former Clesa factory in Madrid. This project, covering 22,000 sqm, will offer 519 rooms and a variety of residential amenities, including coworking areas, games room and swimming pool. Construction is scheduled to begin this October, with completion scheduled for 2027, at which time Vita Group will assume full ownership and operation of the building.
Cain International, an alternative asset manager specialising in real estate investment solutions, will provide a €73 million construction loan to Vita Group and Metrovacesa for this project. This deal represents the seventh financing transaction between Cain and Vita Group, contributing to the creation of more than 5,000 beds in the UK and Europe.
This project marks Vita's first joint venture in the flexible housing sector, leveraging its experience in developing and operating coliving, PBSA and BTR brands.
In addition, this is the second project developed jointly by Vita Group and Metrovacesa within the scope of the Oria Innovation Campus. The first, Vita Student Oria Madrid, a 20,100 sqm student residence with 588 studios, started construction in late 2023 and is expected to be completed in 2026. This residence will offer state-of-the-art amenities such as a gym, games room, private dining rooms and swimming pool, integrated into Vita Student's all-inclusive concept, which includes operating expenses, breakfast, high-speed connectivity, cleaning service, use of bookable spaces and a full programme of events.
With a total of 89,000 sqm of mixed-use space spread over four buildings, Oria will represent a total investment of more than 300 million euros.
Oria Innovation Campus, Metrovacesa's largest project in its tertiary business segment, represents a total investment of more than 300 million euros for the city of Madrid. The complex, which will include four mixed-use buildings totalling 89,000 sqm, is being developed with a focus on energy efficiency and urban regeneration, including high quality buildings that will achieve a BREEAM ‘Excellent’ rating and will dedicate 50% of its common areas to green spaces.
Ioannis Verdelis, investment director of Vita Group, says: ‘Oria Innovation Campus is one of the most prominent urban regeneration projects in Europe, and offers Vita the opportunity to tailor its premium housing products to this fast-paced residential market, where supply is limited. We are confident that, with Madrid's economic growth, vibrant tourism and the quality of its educational institutions, our new flexible housing product will meet the city's residential needs’.
