In 2009, Orion (in a joint venture with Colony Capital) acquired a strategic share stake in Inmobiliaria Colonial, a Spanish listed company owning high quality Madrid, and Barcelona office portfolios and a Paris office portfolio via ownership in Société Fonciere Lyonnais. The share position was acquired at a deep discount to Net Asset Value offering an attractive entry price and cost per square meter. Orion was actively involved in the company's restructuring and successfully sold the position in 2015.
