EUROPE – Deutsche Asset Management has sold a 1.2 billion-dollar (940 million-euro) real estate fund to a group of European and US institutional investors and wealthy individuals.

DeAM’s DB Real Estate arm said in a statement that it has raised the Global Real Estate Opportunities Fund – which has purchased most of Deutsche Bank's direct real estate private equity portfolio.

DeAM spokesman Mark Pursey was not immediately able to name the institutions.

“This portfolio, which is well-diversified by location, property type and investment strategy, consists of seasoned assets which were originated by the Real Estate Opportunities Group (REOG), part of DB Real Estate,” the bank said.

REOG would continue to manage the fund on behalf of its new investors. The deal closed on December 31 and will cut the bank’s real estate holdings.

The move, which was widely expected, is part of a series of disposals by the bank.

"The closing of the fund demonstrates Deutsche Asset Management's leadership position in real estate,” said Deutsche’s global head of asset management, Tom Hughes.

“It also shows the strength of our relationships with institutional investors and high net worth individuals.”

“REOG's strong performance to date has been a function of excellent real estate investment skills combined with sophisticated financial expertise,” added Donald King, the global head of DB Real Estate. “Now clients have access to this investment platform."