Quinlan Private, the investment fund controlled by financier Derek Quinlan, has entered a €30 million deal to acquire a 50 per cent stake in a newly-completed office and hotel complex in Frankfurt.

The deal was executed by way of a joint venture with FOM Real Estate, a German group which specialises in large-scale commercial property projects.

The two groups are likely to seek further investment opportunities in the German market as the economy there recovers.

The €60 million property is located in Bleichstrasse in Frankfurt city centre, in a hotel and business district near a prominent railway station.

The 12,100sq m hotel in the property is fully leased to NH Hotels and in excess of 40 per cent of the 7,286sq m office space is already leased.

"We believe the asset represents a good opportunity to acquire well-located office space in the recovering Frankfurt office market," said Quinlan Private partner Thomas Dowd.

Quinlan Private, which organises investment syndicates, now has assets under management of more than €10 billion in Ireland, Britain, the US, and western, central and eastern Europe.

Mr Quinlan recently made a personal investment of more than €700 million to acquire half of a 42-storey Citigroup building in London's docklands.

The deal was the second-largest single property transaction in Britain.

Though best known for orchestrating the takeover by a syndicate of Irish investors of the Savoy Hotel group in London, Mr Quinlan's group recently bought out the Jurys Inns group for more than €1.16 billion.

He was also the biggest individual shareholder in a €1.63 billion buyout of the 47 British hotels in the Marriott International chain.