Orion Capital has bought a portfolio of German offices from Credit Suisse.

German bank Helaba said it provided €347m of debt for the transaction.

Orion bought 11 assets, known as the Odin portfolio, for its European Real Estate Fund IV vehicle.

The assets were sold by Credit Suisse, which would not comment, after the liquidation of its open-ended CS Euroreal fund.

The 178,000 sqm portfolio, in six German cities, is focused mainly in Hamburg and Berlin. Tenants include the Institute for Federal Real Estate, Philips and Reemtsma, which collectively account for 72% of the portfolio’s rental income and 57% of its rentable area.

Aref Lahham, managing director and founding partner of Orion, said the Paris-based firm assessed the quality of the portfolio to be “superior compared to other German office portfolios that are currently being marketed”.

“Many of the assets are located in the big seven cities and the portfolio is anchored by strong credit tenants,” Lahham said.

“Orion’s business plan is to drive rental income by investing in premises in order to increase occupancy levels and further institutionalise the assets.”