US investors accounted for 45% of all cross-border investment during the first three quarters, and the Germans 20%. The UK remains the most popular destination attracting 38% of investment followed by France at 27%. The fourth quarter of 2001 has also started well with Goldman Sachs and GE Capital participating in the €2.97 billion ($2.7 billion) sale of France Telecom's property portfolio.

Peter Collins, managing director of DTZ EuroInvest said: 'Investors are maintaining their confidence in property as a more stable asset class across Europe despite concerns over a general downturn in the world economy. It is encouraging that American investors still have a huge appetite for European real estate.

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