LONDON-The Caesar Fund, the Italian-regulated subsidiary of AXA Real Estate Investment Managers, has just closed with a €420-million ($573-million) war chest. According to a statement, this “exceeds the ambitious target equity” when the fund launched with a first close of €118 million in March of last year.

Caesar’s primary focus is going to be well-leased core office assets. The bulk of the last raise came from 13 Italian institutional investors.

For the first year, the fund will focus it’s investment strategy on the UK, France and Germany, keeping the maximum investment in any single asset to no more than 15% of the portfolio value.

AXA plans to complete the investment phase of the fund in the next 24 months. Then, under the Italian law for regulated funds, it will have the option to reopen the Caesar for further subscriptions.

Caesar is the second regulated product managed by the AXA REIM SGR team. The first, Core Italian Properties Fund, also has a core risk profile and is reserved for Italian institutional investors. In contrast to Caesar, CIPF is fully invested exclusively in Italian office, retail and industrial properties.