GE Real Estate-owned IPBM has bought three Club Med villages from Lucia for E117m (£79m).

The villages, one in France and two in Switzerland, total 34,000 sq m (365,840 sq ft) and approximately 2,200 beds.

The purchases are the latest in the listed company’s strategy of buying assets with a secure income. The purchases bring IPBM’s total spending for the year to E175m (£118m).

The company’s total portfolio includes 44 assets, totalling 3.8m sq ft (356,000 sq m).