German insurer Allianz said today it would invest €140m in Irish property fund IPUT.

IPUT is the longest established property fund in Ireland and its funds under management now total €1.2 billion.

Its investments are mainly in prime large scale commercial office and retail properties located in Dublin's city centre.

IPUT's chief executive Niall Gaffney said the company is delighted that Allianz has chosen IPUT to partner on its first investment in real estate in Ireland.

"It is very encouraging that global groups of the standing of Allianz are selecting IPUT as their investment fund of choice in this market," he added.

"As the economic recovery in Ireland takes hold, supporting improving demand particularly in the domestic economy, we see the potential for strong long term income returns at attractive levels for our stakeholders," Allianz's chief investment officer Charles Pridgeon said.