When characterizing transition metal complexes and their functionalities, the importance of including the solvent as an active participant is becoming more and more apparent. Whereas many studies have evaluated long-range dispersion effects inside organic molecules and organometallics, less is known about their role in solvation. Here, we have analysed the components within solute-solvent and solvent-solvent interactions of one of the most studied iron-based photoswitch model systems, in two spin states. We find that long-range dispersion effects modulate the coordination significantly, and that this is accurately captured by density functional theory models including dispersion corrections. We furthermore correlate gas-phase relaxed complex-water clusters to thermally averaged molecular densities. This shows how the gas-phase interactions translate to solution structure, quantified through 3D molecular densities, angular distributions, and radial distribution functions. We show that finite-size simulation cells can cause the radial distribution functions to have artificially enlarged amplitudes. Finally, we quantify the effects of many-body interactions within the solvent shells, and find that almost a fifth of the total interaction energy of the solute-shell system in the high-spin state comes from many-body contributions, which cannot be captured by by pair-wise additive force field methods.