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LONDON-Ireland has overtaken the US as the single largest cross-border investor into UK commercial property. It now accounts for almost 22% of a euro 18.17-billion ($23.28-billion) total overseas purchases in 2005, according to new research by DTZ Tie Leung.

The report adds most of the overseas purchases was dominated by five sources: Irish, US, Middle East, German and Dutch capital. Irish investors represented the largest portion with more than euro 4 billion ($5 billion) of purchases in 2005.

Central London was the most popular location for overseas investors attracting 52% or euro 9.4 billion ($12 billion) of non-domestic capital in 2005. However, many of these cross-border investors are turning their attention to the rest of the UK.