Quinlan Private, the investment fund controlled by financier Derek Quinlan, has entered a €30 million deal to acquire a 50 per cent stake in a newly-completed office and hotel complex in Frankfurt.
The deal was executed by way of a joint venture with FOM Real Estate, a German group which specialises in large-scale commercial property projects.
The two groups are likely to seek further investment opportunities in the German market as the economy there recovers.
The €60 million property is located in Bleichstrasse in Frankfurt city centre, in a hotel and business district near a prominent railway station.
The 12,100sq m hotel in the property is fully leased to NH Hotels and in excess of 40 per cent of the 7,286sq m office space is already leased.
"We believe the asset represents a good opportunity to acquire well-located office space in the recovering Frankfurt office market," said Quinlan Private partner Thomas Dowd.
Quinlan Private, which organises investment syndicates, now has assets under management of more than €10 billion in Ireland, Britain, the US, and western, central and eastern Europe.
Mr Quinlan recently made a personal investment of more than €700 million to acquire half of a 42-storey Citigroup building in London's docklands.
The deal was the second-largest single property transaction in Britain.
Though best known for orchestrating the takeover by a syndicate of Irish investors of the Savoy Hotel group in London, Mr Quinlan's group recently bought out the Jurys Inns group for more than €1.16 billion.
He was also the biggest individual shareholder in a €1.63 billion buyout of the 47 British hotels in the Marriott International chain.
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