Deutsche Asset & Wealth Management is launching a new €700m German open-ended real estate fund.

Grundbesitz Fokus Deutschland will invest in commercial and residential property in Germany. DeAWM said it was aiming for a balanced mix of locations, buildings, tenant structures and lease durations.

The fund is the first to be launched by Deutsche Bank under the new capital investment code (KAGB).

It is aimed mainly at private investors interested in fixed-asset investments with long-term investment horizons.

Ulrich Steinmetz, DeAWM head of open-ended real estate funds, said: “Under the new legal framework, this is the right time to invest in fixed assets and to launch.

“Alongside our existing global and European focused funds, the grundbesitz Fokus Deutschland offers our investors a third product that is clearly differentiated, focused and underpinned by our extensive real estate expertise”.

The fund will invest across office, retail, residential, logistics and hotels in growth regions. Medium-sized cities will be considered as well as metropolises.

Anke Weinreich has been appointed as fund manager of the new fund.