Avestus, formerly known as Quinlan Private, has seen its US partner Golub exit most of their joint ventures in central and eastern Europe while retaining just a nominal interest in some of the schemes.

Quinlan Private Golub was renamed Avestus Real Estate earlier this year. Its assets include office buildings in Prague and Budapest, retail schemes in Poland and Bulgaria, and residential schemes in several countries.

Last month it secured planning permission to develop the second phase of its Explora Business Centre near the airport in Prague in the Czech Republic.

Golub did not respond to an email last week seeking an explanation for its decision to exit the joint venture.

In 2005 Quinlan Private sought to raise €40m from clients to develop sites in Eastern Europe with a number of joint venture partners. The fund had a target of completing the developments by the end of this year.

It sought fees of 10.75% of the total amount invested, which would also cover third-party fees and expenses.

Avestus recently sold out of a building in Chicago and its lender, the state-owned Anglo Irish Bank, sold on the debt at a loss of $40m.

Last year Avestus confirmed that it had made "five or six" cash calls to investors because of declines in the value of its investments.

Jurys Inns, which its clients acquired for more than €1.1bn in 2007, has lost nearly £125m (€143m) since it was acquired by the private equity business. There was a cash call from investors last year in relation to that business. Avestus also put out a cash call to investors on the chain of 47 Marriott hotels it acquired with partners in 2007 for nearly €1.3bn.