Cain International

24th January 2024

Cain expands lending platform to Spanish market with €74M construction loan for PBSA scheme in Madrid

London, 24th January 2024: Cain International (‘Cain’), the privately held investment firm, has today announced the arrangement of a €74 million construction loan to Vita Group and Metrovacesa SA for the development of Vita Group’s flagship 585-bed Vita Student purpose-built student accommodation (‘PBSA’) scheme in Madrid, Spain.

The loan marks the debut transaction for Cain’s lending platform in the Spanish market and the fifth time it has partnered with Vita Group. Since 2020, Cain has provided c. £400M in construction financing to the group to support its PBSA strategy across key U.K. university cities including Manchester, Warwick, and Coventry, delivering C.4000 beds.

The development represents a pivotal phase within the wider Oria Campus, which is being delivered by Metrovacesa SA, a leading real estate developer in Spain. Located in the north of Madrid, the scheme also includes a multi-family build-to-rent residential tower, office space, and a life science lab spread over an area of C.89,000 sq. m. The site also benefits from multiple transport links connecting residents to 15 of Madrid’s universities in under an hour.

The Vita Student scheme will include high-quality amenity spaces including dining rooms, study rooms, a gym, rooftop terrace, and a pool, and will be supported by Vita Student’s industry leading ‘all-in’ living experience. The project is expected to be delivered ahead of the 2026/2027 academic year.

Graham Keable, Managing Director at Cain International, said: “Madrid’s student sector demonstrates favourable long-term fundamentals, and this transaction represented a unique opportunity to expand Cain’s lending platform to a new market with a longstanding and reputable partner. We have worked closely with the Vita team across multiple PBSA opportunities in the U.K. and are confident its high-quality product will be an attractive offering in one of Europe’s top student destinations.”

Michael Slater, Chief Financial Officer for Vita Group said: “Closing this financing agreement with Cain marks a significant milestone for our flagship Madrid scheme. We look forward to working alongside Cain, and our partners at Metrovacesa SA to deliver one of Madrid’s most dynamic student communities.”

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