Irish investors cut back in Britain

IRISH investors scaled back their purchases of British offices, malls and warehouses last year, with net investment flows slipping 32%, according to figures compiled by research firm Property Data.

Net investment fell to £2.64bn (€3.53bn) from £3.88bn (€5.2bn) in 2006, the Stafford-based firm said. Purchases fell 32% to £3.83bn, while divestments fell at the same rate to £1.19bn, Property Data said.

The largest transaction was Derek Quinlan’s £525m (€707m) purchase of a 50% stake in Citigroup’s European headquarters at Canary Wharf in London.