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NEW YORK CITY-Fund advisor Rreef has closed its Real Estate Opportunities Fund II at $1.6 billion. The capital is coming from US, European and Asian investors, including high net-worth individuals, pension plans and family players, according to a statement.

The fund covers the world and, appropriately, the investment targets seem as expansive. The fund pursues large portfolio acquisitions from governments and corporates as well as retail, residential and hospitality plays.

Operating-company purchases are also a part of the strategy of the fund, which had it’s first closing nearly a year ago. “While the investment markets remain challenging, we continue to see excellent opportunities generated by our global platform,” comments David Brush, who heads opportunity funds for the advisor.

Included in the fund’s activities to date are the acquisition of French department store Printemps and joint ventures in residential developments in Bulgaria, Romania, the Czech Republic and Russia. Closer to home, Fund II has plans for joint-venture residential developments in Seattle and New York City.

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