Orion closes fund above target at EUR 1.28b

Orion Capital Managers has announced the final closing of capital raising for its Orion European Real Estate Fund III. The total of EUR 1.28 bn in commitments is higher than the original equity target set by the fund manager.

Orion Fund III is a direct follow-on to the firm's previous two funds.

Orion said the fund has the ability to invest in the full spectrum of real estate assets, loans, portfolios, or real estate companies across Europe. To date, the fund has either acquired or committed to four transactions in France and Spain totalling over EUR 300 mln of equity. This included the purchase of one of Spain’s largest malls, the 70,000 square metre Plenilunio Centre in Madrid for EUR 235 mln which it bought from Santander's real estate fund Banif.

'Orion is fortunate to have the support of a wide range of investors from around the world. Our organisation is focussed on larger asset and portfolio acquisitions in the major western European markets,' said Van Stults, a founding partner of Orion Capital Managers.

Founding Partner Aref Lahham stated, 'We were significant net sellers in 2006 and 2007. Therefore, Orion is well positioned to be acquiring the attractive larger portfolio transactions we are now seeing as a result of the market pressures.'

Orion Capital Managers was formed in 1999 by Bruce Bossom, Aref Lahham and Van Stults. The firm has an experienced European investment team with offices in London, Milan, and Paris and opened an office in Madrid earlier this year. Orion's strategy is to invest in European real estate opportunities with a wide range of flexibility regarding geographic spread and asset classes. The firm has the ability to pursue individual assets, loan portfolios, publicly traded companies, and larger portfolio dispositions. Credit Suisse Securities (Europe) Limited acted as exclusive placement agent for the final closing during 2009.