Orion Capital Managers has sold a Berlin office asset to IVG Institutional Funds, now known as TRIUVA.

The canal-side Shell-Haus building, at 60 Reichpietschufer, was sold for around €80m ($90.4m).

Orion sold the property out of its European Real Estate Fund IV vehicle.

The 18,400sqm building is let to the Federal Ministry of Defence on a long-lease.

Earlier this year, Orion Capital bought a 178,000sqm German office portfolio from Credit Suisse for the fund IV vehicle.

Orion bought 11 assets, known as the Odin portfolio, after the liquidation of its open-ended CS Euroreal fund.

The portfolio, in six German cities, is focused mainly in Hamburg and Berlin.