Rreef, the real estate and infrastructure arm of Deutsche Asset Management, has raised $1.6bn (€1.3bn) by the final close of its second real estate opportunities fund, one-third more than its fundraising target.

Rreef, which held a first close of the fund in December and had been hoping to raise $1.2bn, said demand came from investors in Europe, the US and Asia for its latest fund, which will invest opportunistically in real estate and other related assets including joint ventures, loan portfolios and operating companies around the world.