Investors make €500m property deals

IRISH property investors have snapped up landmark buildings in Prague and London in deals totalling more than €500 million.

The Cavan-based Quinn Group, which has interests in hotels, financial services and cement and glass manufacturing, completed the largest-ever property investment deal in the Czech Republic by buying the Prague hotel operated by the Hilton group for approximately €145 million.

The five-star hotel and conference centre, which has almost 800 rooms, was opened in 1991 and was previously owned by Highbridge, a real estate company, and a Deutsche Bank investment fund.