UK private equity firm Orion Capital Managers has agreed to acquire full control of the company that owns the Valle Aurelia shopping centre project in Rome from landlord, CDS Holding.
UK private equity firm Orion Capital Managers has agreed to acquire full control of the company that owns the Valle Aurelia shopping centre project in Rome from landlord, CDS Holding.
The investment volume was not disclosed.
The purchase is earmarked for Orion European Real Estate Fund IV, which raised €1.3 bn of equity commitments in December 2014.
Located near the Vatican, the city-centre scheme will offer a total of 22,000 m2 of retail space over 60 stores as well as a Pam hypermarket. CDS will continue to manage the development of the asset.
JLL, which advised the vendor on the deal, will manage the letting of the centre. Law firm Carnelutti and Studio Tetra advised on fiscal and legal matters. Orion was advised by DLA Piper, Bellavite Pellegrini and Vinicio Luciano Vanossi.
Orion Capital Managers is a London-headquartered private equity real estate investment firm with a European focus on value-add and opportunistic transactions. It is wholly owned by its founding partners and has offices in London, Madrid, Milan and Paris.
Recent transactions for Fund IV include the purchase out of insolvency of the Lilien Carré shopping centre in the German city of Wiesbaden for around €100 mln; a portfolio of three shopping centres in northeast Italy from Unicomm for a price understood to be around €200 mln and the joint purchase with Cerberus of a Spanish tourist resort in Cadiz from NH Hotels Group for €225 mln.
