RREEF, Deutsche Bank’s alternative asset investment manager, is seeking to raise two core real estate recovery funds, one for the US and one to operate on a pan-European basis.

RREEF, Deutsche Bank’s alternative asset investment manager, is seeking to raise two core real estate recovery funds, one for the US and one to operate on a pan-European basis.

In an interview with PropertyEU at EXPO REAL, Georg Allendorf, managing director, RREEF Germany, said each fund would likely be around EUR 250 mln in size. ‘We hope for closure of the equity raising some time soon, whether it is this year or early 2010,’ he commented.

Allendorf said RREEF would use its research-based approach to acquire a diversified portfolio in terms of countries and sector. ‘The country focus will vary according to the market conditions in each country. The UK will probably be first, followed by France and later other countries. Individual transactions for the funds will not be in excess of 10% of the overall fund. As German investors like hedging the US fund will incorporate a euro hedge.’