The core fund will focus on income and capital growth across the larger European economies in sectors including office, retail and logistics.
The fund has attracted investors from the Netherlands, the US, Germany and Switzerland.
According to Deutsche Asset Management, the firm currently hold €49.7 billion of real estate assets under management as of June 30, 2017.
Georg Allendorf, head of real estate Europe at Deutsche Asset Management, said: “Our established local presence across Europe and proven reputation in core investing has resulted in this great fundraising achievement.”
"With a positive market landscape across Europe, we look forward to delivering upon this investment strategy for our investors.”