Roman House, a 55,100sq ft office property in the City of London was purchased for �23m ( 43m). Helix House, a 57,000sq ft office development in Edinburgh was acquired for �14m ( 20m).

The properties, which are the first acquisitions by the fund, have considerable development potential and are projected to provide excellent return on investment.

Castleway Orion plans to double the size of Helix House to 109,000 sq ft with an anticipated end value of 60m. The development potential of Roman House, located at Wood Street adjacent to the European headquarters of JP Morgan Chase and the Bank of England, is currently being considered.

The Orion Fund, which will run for between five and seven years, closed in July with a total of 73m. Fund managers Castleway Orion is a subsidiary of global industrial, warehousing and office development company Castleway Developments, which is run by chairman John McCann and managing director Jim Osborne. The company has an investment portfolio in Ireland, the UK and US valued at over 400m and a portfolio of completed and current development projects of approximately 250m.

In the last year, Castleway has completed one million square feet of new development floor space. Its property portfolio includes Orion Business Complex in Blanchardstown. Earlier this year the company announced the purchase of the Philadelphia Airport Business Complex for 25m with a projected end value of 114m, post development.