A $1.6 billion real estate opportunity fund has formally closed. On Wednesday, RREEF announced that its Real Estate Opportunities Fund Group had closed its second fund after raising $1.6 billion from investors in the U.S., Europe and Asia.

Investors in the fund include a broad mix of Public Pension Plans, ERISA Plans, endowments, family offices and high net worth individuals.

The closed end fund has been making acquisitions since December 2005. In Europe, the fund bought an office redevelopment in Central London.

It is also acquiring Printemps, the department store in France, and has recently entered into joint ventures to develop residential projects in Bulgaria, Romania, the Czech Republic and Russia.

In the U.S., Fund II investments have included hotel assets in Hawaii, Oregon and Rhode Island. The Fund has also entered into joint ventures to develop high-rise residential towers in Seattle and New York. In Asia, Fund II is soon to be investing in a similar development in Macau.

Other investments include hospitality and leisure assets in Thailand and Japan, and commercial and office properties or developments predominantly in Japan.