Orion Capital Managers has successfully completed the final closing of capital raising for its Orion European Real Estate Fund III with total commitments of 1.28 billion, placing the fund above its target.
Orion Fund III is a direct follow-on to the firm's successful previous two funds. Orion 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 acquired or committed to four transactions in France and Spain totaling over 300 million of equity. This included the purchase of one of Spain's largest malls, the 70,000-m² Plenilunio Centre in Madrid for 235 million, which it bought from Santander's real estate fund.
"Orion is fortunate to have the support of a wide range of investors from around the world. Our organization is focused on larger asset and portfolio acquisitions in the major western European markets," says 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'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.
Source: Orion Capital Managers