European private equity real estate firm Orion Capital Managers has begun marketing of its fourth opportunistic fund which is aimed at raising as much as EUR 1.3 bn in equity, well-informed market sources confirmed to PropertyEU.
European private equity real estate firm Orion Capital Managers has begun marketing of its fourth opportunistic fund which is aimed at raising as much as EUR 1.3 bn in equity, well-informed market sources confirmed to PropertyEU.
The fundraising target is similar to Orion's previous fund, Orion European Real Estate Fund III, which attracted EUR 1.28 bn in 2009 and is now believed to be nearly fully invested.
Orion declined to comment.
The London-based group, which is led by trio Van Stults, Bruce Bossom and Aref Lahham, has been fairly active over the past 12 months. In April last year it bought the Allee shopping centre in Berlin-Hohenschönhausen from a closed-end fund managed by DWS, the mutual fund company of Deutsche Bank's Asset Management Business Division. The transaction price was not revealed, but is believed to be in the region of EUR 50 mln.
Other acquisitions include a 50% stake in the Puerto Venecia shopping centre project in Zaragoza, northern Spain. According to well-informed market sources, Orion paid EUR 48 mln for the 50% stake bought from Spanish developer and investor Copcisa Corporaciónis. The scheme is being developed jointly with UK REIT British Land.
More recently, the company has also been linked with the purchase of a EUR 600 mln loan portfolio being sold by Ireland's National Asset Management Agency.
