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Orion Capital completes €52m London office deal

The London and Paris-based private equity real estate firm has bought a fully let office building in London’s financial district from IVG Immobilien for its core Income Return Partners Fund. Orion is currently raising a €1bn opportunistic fund, Orion European Real Estate Fund III.

Orion Capital Managers has completed the acquisition of a central London office for £45.5 million (€52 million; $73 million) from Germany’s IVG Immobilien.

The London and Paris-based firm has bought 131 Finsbury Pavement, which is a fully-let property. A subsidiary of Swedish stock exchange OMX is the main tenant, which has sublet a large section of its space.

IVG said in a statement that Orion was making the purchase on behalf of its core fund, the Orion Income Return Partners Fund. It made the acquisition via a Guernsey Property Unit to save in UK stamp duty costs.

The acquisition comes as Orion continues to progress fundraising for opportunistic vehicle, Orion European Real Estate Fund III. The firm hopes to garner €1 billion of commitments.