Deutsche Asset Management has raised €568m for an open-ended, pan-European core real estate fund at its first close, with commitments from 12 institutional investors.

The institutional fund is focused on income and capital growth, the manager said, and is set to invest in core locations in larger European economies as well as in diverse sectors, including office, retail and logistics.

The first round of investor commitments came from institutions in the Netherlands, Germany and Switzerland as well as the US, Deutsche AM said.

Georg Allendorf, the firm’s head of real estate in Europe, attributed the fundraising success to the Deutsche AM’s established local presence across Europe and its proven reputation in core investing.

“With a positive market landscape across Europe, we look forward to delivering upon this investment strategy for our investors,” he said.

Earlier this year the asset manager raised €1.8bn from pension funds and insurers for its second pan-European infrastructure fund.