Orion Capital Partners has closed its fourth European opportunity fund, raising €1.3bn of equity. The company said the fund was fully subscribed from a range of investors “from around the world”, many of them repeat investors from previous funds.
Like Orion Fund III, which raised €1.1bn in 2009 and is fully invested, Orion European Real Estate Fund IV will be able to invest in loans and property companies as well as real estate assets. Partner Van Stults said: “We are seeing a wide range of opportunities and have projects identified to close soon for Fund IV.”
Fund IV’s first investment is a shopping centre in Bologna, Italy. Orion has paid about €80m to Pradera to buy Meraville Retail Centre, a 35,452m2, 10-year-old scheme. In September, Orion paid British Land €144.5m for the 50% that Orion Fund III didn’t already own in the 2.2m sq ft Puerto Venecia shopping centre in Zaragoza.
Real Capital Analytics says investment in Spanish retail properties doubled this year, to €1.44bn by mid-December. RCA tracked 24 deals over €7.5m in value, compared with 10 in 2012. Some 70% of purchases were cross-border investors, including Deka, Intu Properties/Canada Pension Plan Investment Board and UBS Real Estate.