D2 Private, an Irish wealth management group is considering a possible flotation of a new £1 billion property fund following a string of high-profile purchases in London.

D2, which invests money on behalf of high-net-worth individuals, is run by Irish developer David Arnold and Deirdre Foley, a former executive from Quinlan Private.

The firm is reported to be close to appointing an investment bank to advise on a possible flotation of a £1 billion property fund.

Its London investment property portfolio has grown to more than £1 billion since it first appeared on the UK market 18 months ago. It recently paid over €468 million for Woolgate Exchange, one of the City of London's most prestigious office buildings.

It also bought the Richard Rogers-designed Marks & Spencer headquarters in Paddington for around €201 million and a refurbished office building in Wardour Street, Soho for about €20 million, which is let to The Moving Picture Company.

The group owns English Heritage's old base at Fortress House on Saville Row and 12 St James's Square, the former home of property group MEPC.

Some of these assets could be used to seed the new fund.

A DTZ survey last year revealed that Ireland had overtaken the US as the single largest cross-border investor into UK commercial property, accounting for almost 22 per cent of total overseas purchases.

Other top-end Irish investors making a mark in London are Warren Private Clients, Cosgrave Property Group and Quinlan Private, which acquired the Savoy Group in 2004 from Blackstone.