DWS expects to raise $500m (€445.4m) this year for its open-ended core-plus industrial vehicle and invest the same amount for the fund during the period.

The RREEF Core Plus Industrial Fund’s 2019 investment plan was part of a presentation DWS made to the San Diego City Employees’ Retirement System (SDCERS) at the pension fund’s board meeting.

The Core Plus Fund intends to invest $375m the capital raised into existing operational properties and $125m into new development complexes.

In the meeting document, SDCERS said it has approved a $50m commitment, adding that the fund’s entry queue was $172m as at the end of March this year.

DWS launched the Core Plus Industrial Fund in June 2017. As at the first quarter of this year, the fund had a gross asset value of $1.1bn.

Target markets for the fund include Southern California, the San Francisco Bay Area, Seattle, Denver, Dallas, Chicago, Atlanta, Miami and New York/New Jersey.

DWS did not respond to a request for comment.