Frankfurt, Germany-based Deutsche Bank has closed its $440 million acquisition of RREEF, a real estate investment manager with $16.2 billion in assets under management. RREEF will maintain its name and its franchise, operating as a business unit of DB Real Estate, the real estate investment management group of Deutsche Asset Management.

With the acquisition, DB Real Estate is the world’s largest advisor of real estate property and equity securities with more than $36 million in assets under management. In addition to the $440 million paid to RoPro U.S. Holding Inc., the holding company of RREEF, Deutsche Bank paid $50 million for co-investment assets RREEF entered into with co-investors.