Orion holds second close, targets €1bn

The European opportunity fund manager, Orion Capital Managers, has held a second close of its latest vehicle, Orion European Real Estate Fund III.

Orion Capital Managers, the London-based firm, is closing in on its target to raise €1 billion ($1.2 billion) for Orion European Real Estate Fund III.

In a statement the firm said it had held a second close and will keep the vehicle open to investors through the first quarter of 2009.

The fund contemplates investing in the full spectrum of real estate assets, loans, portfolios, or real estate companies across Europe, the firm added.

Orion has exited 80 percent by value of investments in its previous two funds. The divestments took place before the credit crunch. “We are well positioned to capture the favourable investments arising from the current market turmoil,” said Van Stults, a founding partner of the firm, in a statement.

Orion was formed in 1999 by Stults together with Bruce Bossom and Aref Lahham.

Lahham said: “We were significant net sellers in 2006 and 2007. Therefore, Orion is poised to acquire the attractive larger portfolio transactions we are now seeing as a result of the market pressures.”