Vita Group teams up with Spanish developer for flagship Madrid scheme
Property giant Vita Group has signed an agreement with a Spanish real estate developer Metrovacesa for the joint development of a student scheme in Madrid.
Located in the Cardenal Herrera Oria Avenue, next to the former Clesa factory, the 14-storey property will comprise of 588 fully studio apartments, together with large lounges, study spaces, terraces and a swimming pool.
Alderley Edge-based Vita Group will finance the new development whilst Metrovacesa will develop the new site with construction work set to begin in 2023 and due for completion 2025, when Vita Group will acquire full ownership of the building.
For Vita Group, this agreement will create its first, flagship student residence in Madrid, expanding its presence in the Spanish market, where it already has two projects under development in Barcelona.
For Metrovacesa, this deal represents the kickstart of the Oria Innovation Campus, a major new development project located next to the former Clesa factory in Madrid.
The complex will comprise of four buildings with a total of 89,000 sqm of different uses, including offices, hospitality and student accommodation, and a total investment of around €330m.
Vita Group now has over 8,000 beds in operation with a development pipeline exceeding £2bn with over 9,000 beds under development.
In 2019 Vita Group announced the start of its £350m European expansion programme with Vita Student Pedralbes set to open its doors in September 2022 and Vita Student Poblenou expected to open early 2023.