Fund Manager, Orion Capital, chooses Puerto Venecia

17 May, 2011, Spain

• The European real estate investment fund, Orion European Real Estate Fund III sponsored by Orion Capital Managers, LLP (‘Orion’), has acquired 50% of the Shopping and Leisure Centre, Puerto Venecia in Zaragoza, Spain.
• The Puerto Venecia scheme will now benefit from the experience and backing of two major European real estate companies – Orion and British Land.
• Cushman & Wakefield advised on the sale transaction

Orion, which specialises in commercial real estate investment management on behalf of major investors from around the world, has acquired 50% of what will become Europe’s largest retail and leisure destination. This is the biggest investment made by the fund in Spain since its acquisition of the Plenilunio shopping centre in Madrid. The vendor was advised on the sale process by the international property consultant, Cushman & Wakefield.

The venture between these two prominent real estate companies confirms the potential for this regional centre, which has already been lauded as one of the most attractive new retail destinations in the country.

Aref H. Lahham, managing director of Orion: “we believe that retail in Spain still offers an attractive opportunity to our investors and the scale and quality of a centre like Puerto Venecia which includes a development component is clearly one of those rare outstanding opportunities”.

Nick Hodson, head of European development at British Land said: “We are delighted to welcome Orion European Real Estate Fund III as Joint Venture partners on the Puerto Venecia project. This partnership between British Land and Orion puts the project on the best possible footing as the Shopping Centre development phase heads for completion in Autumn next year.”

The prime centre of reference in the region

Puerto Venecia, situated in Zaragoza, will be once finished the largest commercial and leisure complex in Spain with a total lettable area of 206,000 sqm (2.2 million square feet). The development has been structured in two distinct phases: Phase I is the 83,000 sqm (circa 900,000 square foot) Retail Park incorporating IKEA. The Retail Park opened in 2008 and now welcomes more than five million visitors a year from a regional catchment area; and Phase II which comprises the Shopping Mall and leisure and activity areas (total area of 123,000 sqm / 1.3 million square feet) which is forecast to open in the Autumn of 2012 with major market leaders such as El Corte Inglés, Primark, Cinesa and Decathlon). Cushman & Wakefield has been in exclusively in charge of the letting from the beginning of the project .

The complex, which is 70% let or sold, enters its final phase with the support of two leading European real estate companies – Orion and British Land.

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