LONDON-German investors spent €900 million ($900 million) in the UK during the first half of 2002, and with the spending spree continuing, they are on target to invest comfortably more that 1 billion ($1 billion) this year, a level not seen since the mid-1990s. Germany now accounts for 20% of total overseas investment in UK property, up from just 3% last year.

According to DTZ, the surge in German investment has been driven by an increase in cash receipts by the open-ended property funds, as Germans look for a safe haven for their personal investments. Landmark office buildings in London remain the German funds’ prime target, and recent deals include MEAG’s purchase of Shelley House, EC2 for €98 million ($100 million), Deka’s purchase of 55 Bishopsgate for €200 million ($205 million) and the €360 million ($370 million) acquisition of 33 Holborn Circus by DIFA.

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