Orion Capital Managers has bought a German shopping centre out of insolvency.
The administrator for the Lilien Carré property in Wiesbaden sold the centre, which includes a hotel and office building, to the fund manager for an undisclosed price.
A source said the property was worth around €100m.
Orion bought the asset through its Orion IV European 22 and Orion IV European 23 vehicles, part of the Orion European Real Estate Fund IV.
Orion said the asset’s manager, Acrest Property Group, had found new anchor tenants for the centre.
Van Stults, Orion managing director and founding partner, said the company’s business plan was to “capitalise on the Acrest work and new tenants by bringing the investment and resources to improve the customer experience and future performance”.
Lilien Carré, which totals 36,000 sqm, has been re-let to REWE, Toys R Us, Saturn and Rossmann on long-term leases.
Completion of the asset’s repositioning is due to be completed in 2016.
In addition to 25,000 sqm of retail, the property also includes the 186-room Motel One hotel and a 3,000 sqm office building.
Orion recently bought an Italian retail portfolio for its European Real Estate Fund IV.
The assets were bought for around €200m by Italian hypermarket operator Unicomm.
The 110,000 sqm portfolio – in Vicenza, Fiume Veneto and Monfalcone – includes 250 stores.