Cain International
London, 28 October 2024: Cain International (“Cain”), the alternative asset manager specialising in real estate investment solutions, today announced a €73 million construction loan to Vita Group for the development of a new flexible living tower in Madrid.
This marks Cain’s seventh financing transaction with Vita Group. To date, the partnership has supported the delivery of over 5,000 beds across the U.K. and Europe.
The tower will comprise 519 units, offering a mix of studio and one-bedroom apartments, and forms part of the larger Oria Campus, a mixed-use development by Metrovacesa SA, one of Spain’s leading real estate developers.
Spanning approximately 89,000 sq. m. in the north of Madrid, Oria Campus will feature a mix of commercial, office, and life sciences spaces, alongside a 585-unit purpose-built student accommodation (“PBSA”) tower, Vita Student Oria Madrid, which Cain financed in late 2023.
The new tower will provide a range of high-quality shared amenities, including a gym, communal areas, food and beverage options (such as a cafeteria and mini market), parking, rooftop spaces, and lounges. Residents will also benefit from excellent transport links.
Graham Keable, Managing Director at Cain International, commented: “Madrid’s robust economic growth, strong demographic profile, and key industries like travel, tourism, technology, education and manufacturing have created favourable long-term fundamentals for its living sector. Having partnered with the Vita team on multiple PBSA projects, we are confident that their strong track record and high-quality offering will appeal in one of Europe’s leading cities. We look forward to continuing to strengthen our partnership.”
Enrique Gracia, Director of Tertiary at Metrovacesa, commented: “At Metrovacesa we are committed to creating innovative projects that bring long-term value to cities. Oria Innovation Campus is an emblematic project that contributes to urban regeneration and dynamism in the city of Madrid, and this agreement between Metrovacesa and Vita Group is an important milestone to ensure the success of the project”
Ioannis Verdelis, Chief Investment Officer for Vita Group said: “The Oria Innovation Campus is one of the most exciting large-scale urban regeneration projects taking place in Europe and provides Vita with an opportunity to take its best-in-class living products and tailor them to this fast-paced, residential market which is short supply. We’re confident that with Madrid’s growing economy, vibrant tourism and reputation for some of the world’s best higher education institutions that our new flex-living product will respond incredibly well to the residential needs of the city and with Metrovacesa and Cain we have the right partners on board to help deliver it.”
The financing builds on a period of notable activity for the firm in the alternative living sector. This month, it bolstered its presence in the PBSA sector with the acquisition of St James House in Bristol, bringing its equity investment portfolio in the sector to a gross development value of approximately £800 million.
Related News
PRESS RELEASE
17th October 2024
Cain partners with Olympian Homes to expand PBSA platform with St James House redevelopment in Bristol
PRESS RELEASE
24th April 2024
Cain and Vita strengthen partnership with £91.5M loan for Manchester PBSA scheme
PRESS RELEASE
24th January 2024
Cain expands lending platform to Spanish market with €74M construction loan for PBSA scheme in Madrid