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MADRID-Opportunity fund manager Orion Capital Managers has completed the final closing of capital raising for its Orion European Real Estate Fund III with total commitments of €1.28 billion, above its original target.

Orion Fund III is a direct follow-on to its previous two funds and allows Orion 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 totalling over €300 million of equity. This included purchase of one of Spain’s largest malls, the 70,000 square meter Plenilunio Centre in Madrid for €235 million which it bought from Santander’s real estate fund.

Orion founding partner, Van Stults, said the firm’s organization is focused on larger asset and portfolio acquisitions in major western European markets, and it is fortunate to have the support of a wide range of global investors. Added co-founder Aref Lahham, “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, Lahham and Stults, and its European investment team has offices in London, Milan, Paris and Madrid, opened earlier this year. Its 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) acted as exclusive placement agent for the final closing of the new fund.

Allan Saundersonis a managing editor of Property Finance Europe and a contributor to GlobeSt.com.

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