Canadian investment giant Brookfield has launched a new fund to buy European property, the first time it has raised capital solely focused on the region.

Late last month, Brookfield launched the Brookfield European Real Estate Partnership, a filing with the U.S. Securities and Exchange Commission shows.

The fund will be an open-ended vehicle targeting core property, PropertyEU reported. Brookfield has launched similar vehicles in the U.S. and Australia.

The new fund taps into various trends in the unlisted fund world. Brookfield is better known for its opportunity funds, but like peers such as Blackstone and Morgan Stanley, it is increasingly raising equity with lower return targets that buy less risky assets, so institutional investors are putting more of their capital with the firm.

There is also an increasing trend for big investors to raise open-ended funds to buy core European property. Such funds have been a feature of the U.S. real estate landscape for decades, but are a more recent phenomenon on this side of the pond. Open-ended funds provide managers with more stable income, as they don’t have to keep buying and selling assets according to the life cycle of a closed-ended fund.