Richard Ellis, the property consultancy founded in London in the 18th century and now part of the US-based Insignia Financial Group, is to acquire its Paris-based rival, Groupe Bourdais, for about £40m sterling. Insignia Richard Ellis, which claims to be the number one property consultancy in London and New York, will be able to extend that claim to Paris.

Dublin agent Pat Gunne, whose company is part of the group, says the acquisition will be particularly valuable to them as Irish investors are becoming increasingly familiar with the Paris market. The link-up would leave them well poised to advise Irish investors going into France in addition to corporates considering expanding their European presence there.