Spain: Cheshire-based Vita Group has signed an agreement with Spanish developer Metrovacesa for the joint development of a PBSA scheme in Madrid.
Located in the Cardenal Herrera Oria Avenue, the 14-storey property will feature 588 fully studio apartments, student lounges, study spaces, terraces and a swimming pool.
Vita Group will finance the new development with Metrovacesa developing the scheme. Construction will start next year, with completion due in 2025, when Vita Group will acquire full ownership of the building.
The project expands Vita Group’s presence in the Spanish market, where it already has two schemes under development in Barcelona. Vita Student Pedralbes will open in September 2022 and Vita Student Poblenou is expected to open early 2023.
The deal represents the kickstart of the Oria Innovation Campus, a major new mixed-use development project located next to the former Clesa factory in Madrid.
The complex will cosist of four buildings with a total of 89,000 square metres of different uses, including offices, hospitality and student accommodation, and a total investment of around €330 million.
Vita Group now has over 8,000 beds in operation, with a further 9,000 – worth £2 billion – in its development pipeline.
