Orion Capital Managers' European Real Estate Fund IV has acquired a portfolio of three shopping centres in northeast Italy from Unicomm for a price understood to be around €200 mln.

Orion Capital Managers' European Real Estate Fund IV has acquired a portfolio of three shopping centres in northeast Italy from Unicomm for a price understood to be around €200 mln.

The seller is the Hypermarket operator Unicomm, fully owned by the family Cestaro.

The centres, totalling 110,000 m2 and 250 stores, consist of Palladio Shopping Center in Vicenza, comprising 50,900 m2 with 89 shops including an Emisfero hypermarket; Emisfero, Fiume Veneto, comprising 39,800 m2 with 70 shops including an Emisfero hypermarket; and Emisfero, Monfalcone, comprising 35,900 m2 with 46 shops including an Emisfero hypermarket.

Unicomm has partially leased back the premises on a long term basis, remaining the hypermarket anchor through the brand Emisfero.

It is Orion’s second Italian investment in the last 12 months following on from the acquisition of the Meraville retail centre in Bologna.

Orion remains committed to seeking further acquisitions in Italy, the European privately-held investment firm said in a statement.

Orion Capital Managers has offices in London, Madrid, Milan and Paris and is wholly owned by its founding partners Aref Lahham, Van Stults, and Bruce Bossom who have worked together for over 20 years. Prior to forming Orion, the partners established LaSalle Investment Management's European business.