Orion Capital Managers has bought a large Italian retail portfolio for its opportunity fund.

The investor said it bought three shopping centres in the north east of Italy for its European Real Estate Fund IV.

The assets were sold for around €200m to Orion by Italian hypermarket operator Unicomm, a source said. Unicomm has partially leased back the premises on a long-term basis and remains anchor tenant through its Emisfero brand.

The 110,000sqm portfolio, in Vicenza, Fiume Veneto and Monfalcone, includes 250 stores.

The deal is Orion’s second Italian investment in the past 12 months, having bought the Meraville retail centre in Bologna.

Orion, which said it remains committed to seeking further Italian acquisitions, closed capital raising for its latest fund in December last year with €1.3bn.

The follow-on fund is investing in property, loans, portfolios and real estate companies across Europe.

In April, the fund bought the 62,874sqm Domus Shopping Centre in east Paris from KP Investments, a Rabo Real Estate Group subsidiary.