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Orion buys one of Spain's largest malls for €235m

The European private equity real estate manager has also acquired a second property from Banco Santander, which is liquidating its open-ended vehicle, Banif Inmobiliario.

Orion Capital Managers has acquired two properties from a Spanish fund that has decided to liquidate its portfolio.

Banco Santander's Banif Inmobiliario has sold Plenilunio mall in Madrid, one of the biggest shopping centres in Spain, for a reported €235 million. The fund has also sold an office for €27.5 million.

The move to liquidate the assets of the fund comes four months after Santander asked financial regulators if it could halt redemptions.

The deals also come two months after Orion announced it was opening a Spanish office. Roberto Roca is the investment director in the region.

Orion has raised around €1 billion for its latest European fund, Orion European Real Estate Fund III.