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Allianz invests €140m

GERMAN insurance giant Allianz is to invest €140m in Irish property giant IPUT in the latest vote of confidence in the surging market here.

It's the company's first venture into the Irish property market.

Allianz chief investment officer Charles Pridgeon, said there were now "potential long term returns" from Irish property.

The move pushes IPUT's funds under management to €1.2bn.