Orion Capital Managers has acquired the Lilien Carré shopping centre in the German city of Wiesbaden out of insolvency.

Orion Capital Managers has acquired the Lilien Carré shopping centre in the German city of Wiesbaden out of insolvency.

Financial details were not disclosed, but Orion is believed to have bought the property for around €100 mln.

The shopping centre was acquired on behalf of the Orion European Real Estate Fund IV. Savills acted on behalf of the vendor in the transaction.

The insolvency administrator, Hans-Wilhelm Goetsch, said the mall’s asset manager Acrest Property Group was retained during the insolvency process to develop a repositioning concept for the centre. ‘As the realisation of this concept is now imminent, this was the right time to entrust a future-oriented purchaser with the further development. Therefore, an efficient sales process was successfully completed over the last few months,’ he noted.

Lilien Carré was opened in 2007 and comprises a total lettable area of over 36,000 m2, including the centerpiece two-storey shopping centre with around 25,000 m2 retail area, 1,200 parking spaces and over 50 tenants. The property also houses a 186-room Motel One hotel (around 5,700 m2) and an office building (around 3,000 m2).

Orion-sponsored funds currently have ownership interests in 13 shopping centres across Europe totalling around one million m2 of retail space. Van Stults, managing director and a founding partner of Orion, said: ‘Our business plan is to capitalise on the Acrest work and new tenants by bringing the investment and resources to improve the customer experience and future performance.’