Australian property funds shifted their investment focus to Europe in 2006 by investing EUR 4.5 bn in the region - a 350% increase on the year before. Germany (EUR 2.6 bn) and the UK (EUR 1.2 bn) attracted the majority of the Australian investment, according to property advisor Jones Lang LaSalle (JLL). Other European countries targeted by the funds include the Netherlands, Poland, Belgium and Spain.
The Grand Hotel Imperiale in Forte dei Marmi, Italy has been sold to UAE-based real estate company Emaar Properties, owner of renowned buildings such as the Burj Khalifa and the Dubai Mall.
