German investors spent almost €9.3 ($9.9 billion) on European property outside Germany, while investment from the US in Europe fell from €11.3 billion ($12 billion) in 2001 to €8.6 billion ($9.1 billion).
The German open-ended fund CGI Haus Invest was the most active investor during the year, committing over €2 billion ($2.1 billion) of capital into European markets including the acquisition of three office buildings in Paris from Goldman Sachs' Whitehall Fund and Shaftesbury for around €450 million ($475 million).
In terms of location, the UK is still firmly at the top of investors' shopping lists attracting around €10 billion ($10.6 billion) of inward investment in 2002, up 10% increase on the previous year. And offices continued to be the property sector of choice for cross-border investors, accounting for almost half of all activity across Europe.
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