Irish investors spent €3bn on overseas commercial property in the second quarter of 2007, according research published on Monday by estate agents Jones Lang LaSalle. The total for the half-year was €5bn.

Irish technology companies raised €62.6m in venture capital in the same period.

The UK remains the most popular location for Irish investors in commercial property, accounting for more than €2.1bn of the second quarter's spending.

Germany was in second place, with investment of €426m.

It was followed by the US which drew just €153m of Irish commercial money.

Other major investment destinations included France (€100m), Belgium (€95m) and the Netherlands (€63m), the estate agents said.

Across sectors, retail (€846m), hotels (€736m) and offices (€723m) were our three favoured commercial property assets.

Meanwhile, general leisure schemes drew €240m of Irish cash, "mixed" developments accounted for €234m, and just over €103m was invested in business parks.

Residential projects were the least popular investment, accounting for just €54.5m, or 1.9% of the total spend.

The biggest deal of the quarter was Bank of Ireland's €309m investment on behalf of clients in a 50% stake in a Liverpool retail park.

Dr Clare Eriksson, head of research at Jones Lang LaSalle's Dublin office, said there would be plenty more big deals in the next quarter.

"CMC Capital plans to raise €20m from Irish investors for a new €100m German commercial property syndicate; Augusta, the Dublin-based commercial property fund operator is seeking €20m for another German property fund, while Ailesbury Investments is seeking €30m for a property portfolio in Florida," she said.

"Irish people's appetite for investing in overseas property is showing no signs of diminishing."