We study the orientifold truncation that arises when compactifying type II string theory on Calabi-Yau orientifolds with O3/O7-planes, in the context of supergravity. We look at the N=2 to N=1 reduction of the hypermultiplet sector of N=2 supergravity under the truncation, for the case of very special quaternionic-Kaehler target space geometry. We explicitly verify the Kaehler structure of the truncated spaces, and we study the truncated isometry algebra. For symmetric special quaternionic spaces, we give a complete overview of the spaces one finds after truncation. We also find new examples of dual Kaehler spaces, that give rise to flat potentials in N=1 supergravity.

25 pages, LaTeX, v2:curvature tensor of the dual symmetric spaces calculated, section 7 expanded, references added, v3:few typos fixed, version to appear in Class.Quantum Gravity