Orion fund buys German office portfolio for $672m
Orion European Real Estate Fund IV, which is sponsored by Orion Capital Managers, has acquired a German office portfolio from CS Euroreal and CS Property Dynamic, two real estate funds managed by Credit Suisse. The sales price was approximately €618 million ($672.5 million), according to Real Capital Analytics.
Upon completion of the purchase agreement, the parties have agreed that Credit Suisse Real Estate Investment Management will continue as asset manager of the portfolio, also know as the Odin portfolio.
The Odin portfolio consists of 19 office properties; 10 properties are located in Berlin, Frankfurt, Hamburg and Stuttgart.The vacancy rate of the portfolio is 23 percent.
Among the assets in the transaction is the German headquarters of electronics group Philips in Hamburg with a sales price of €103 million ($116 million).
Since the dissolution of CS Euroreal began in 2012, the fund management has now sold 49 properties (inclu