Pictet Group, the Swiss multinational private bank and financial services company, has closed its first direct real estate fund with €700 million in capital commitments.

The fund, Elevation I, follows a value-add strategy focusing on key gateway cities in Germany, Spain, the UK and the Nordics. The fund launched early last year with an initial target of €400 million. The fund has attracted an investor base consisting mainly of high-net-worth individuals.

One-third of the investors were institutions, including insurance firms and pension funds from Europe and Asia.

Elevation I has already acquired three lastmile logistics assets in the Greater London area and a prime mixed-use building in Madrid. Pictet Group said the vehicle seeks to improve the sustainability of its purchased assets by using proptech tools throughout the investment process.