Irish wealth asset managers, Custom House Capital (CHC) has acquired four properties in France and Germany with a combined value of over €121 m (£81m).
In its first French purchases CHC has paid more than €55m (£37m) for two office buildings in Marseille.
French developer Bouygues Immobilier is selling the properties in a forward funding deal with the buildings due for completion in 2008 and 2009 respectively.
The first building, Plein Quest, extends to 11,072 sq m (119,178 sq ft) of office space.
The second, Le Patio, will have around 8,920 sq m (96,014 sq ft) of office space.
The two German acquisitions are at Hamburg and Stuttgart, where CHC has acquired other properties.
The first of these is a 7-storey, 10,465 sq m (112,644 sq ft) office building at Heidenkampssweg, acquired for €34m (£23m), a net yield of 6.04%.
In Stuttgart a new 10,945 sq m (117,810 sq ft), 18 storey office tower, the Colorado Building, was purchased for €32.5 m (£21.8m), a 5.75% net initial yield.
Harry Cassidy, chief executive, CHC said: “these properties represent good investment opportunities for our clients and underline Custom House Capital’s ability and desire to source high quality investments in two excellent European markets”.
Dublin agent Ganly Walters, together with its international affiliate King Sturge, advised CHC on the deals.
