Press release from Business Wire
RREEF Property Trust Acquires Office Property in Chicago Suburb
Friday, May 31, 2013
RREEF Property Trust Acquires Office Property in Chicago Suburb12:25 EDT Friday, May 31, 2013
NEW YORK (Business Wire) -- RREEF Property Trust, Inc. announced today the acquisition of 9022 Heritage Parkway, an office property, in Woodridge, Illinois for $13.3 million.
9022 Heritage Parkway is a 94,233 square foot, 2-story office building located at the intersection of Interstate 55 and Lemont Road, approximately 25 miles west of downtown Chicago. The property is in close proximity to several restaurant and retail amenities, and is 100% net leased to Allstate Insurance Company.
“Consistent with our focus on investing in assets that we expect to deliver stable rental income and appreciation over time, we are pleased to acquire this property with a high-quality tenant on behalf of RREEF Property Trust,” said Todd Henderson, Chairman of the Board of RREEF Property Trust and Head of Real Estate, Americas at Deutsche Asset & Wealth Management1.
9022 Heritage Parkway is RREEF Property Trust's first direct commercial real estate investment.
RREEF Property Trust
RREEF Property Trust is a publicly registered, non-traded, daily NAV company that intends to qualify as a real estate investment trust. RREEF Property Trust employs a blended strategy that includes commercial real estate, publicly-traded real estate securities, real estate-related debt and cash and cash equivalents. RREEF Property Trust targets investments in income-producing properties with established cash flow and the potential for value appreciation. RREEF Property Trust focuses primarily on U.S. commercial real estate assets selected from the industrial, retail, office, and multifamily sectors. To learn more about RREEF Property Trust, go to www.rreefpropertytrust.com.
RREEF America L.L.C. is the sponsor and advisor of RREEF Property Trust. RREEF America L.L.C., together with its affiliates in Europe and Asia comprise the global real estate investment business of Deutsche Asset & Wealth Management (formerly RREEF Real Estate), a division of Deutsche Bank A.G., or Deutsche Bank.
Deutsche Asset & Wealth Management – Real Estate
Deutsche Asset & Wealth Management's real estate investment business (formerly RREEF Real Estate) has been investing in real estate assets for more than 40 years. As part of the Alternatives and Real Assets platform, this business today has more than 450 employees located in 21 cities around the world and $48.8 billion2 in assets under management as of December 31, 2012, and offers a diverse range of strategies and solutions across the risk/return and geographic spectrums, including core and value-added real estate, real estate securities, real estate debt and opportunistic real estate. The real estate investment business employs a disciplined investment approach and aims to deliver superior long-term risk adjusted returns, preservation of capital and diversification to its investors, which include governments, corporations, insurance companies, endowments, retirement plans, and private clients worldwide. To learn more about Deutsche Asset & Wealth Management's real estate investment capabilities, go to www.rreef.com.
Deutsche Asset & Wealth Management
With €944 billion of assets under management (as at December 31, 2012), Deutsche Asset & Wealth Management is one of the world's leading investment organizations. Deutsche Asset & Wealth Management offers individuals and institutions traditional and alternative investments across all major asset classes. It also provides tailored wealth management solutions and private banking services to high-net-worth individuals and family offices.
This press release contains forward-looking statements within the meaning of federal securities laws and regulations. These forward-looking statements are identified by their use of terms and phrases such as "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "predict," "project," "should," "will" and other similar terms and phrases, including references to assumptions and forecasts of future results. Forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause the actual results to differ materially from those anticipated at the time the forward-looking statements are made. Although RREEF Property Trust believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that the expectations will be attained or that any deviation will not be material. RREEF Property Trust undertakes no obligation to update any forward-looking statement contained herein to conform the statement to actual results or changes in the company's expectations.
1 Deutsche Asset & Wealth Management is the brand name for the Asset Management & Wealth Management-division of Deutsche Bank AG and its subsidiaries. The responsible legal entities offering clients products or services of Deutsche Asset & Wealth Management are listed in the respective contracts, sales materials and other product information documents.
2 Excludes infrastructure securities assets under management, which were previously reported under the RREEF Real Estate business.
For RREEF Property Trust, Inc.
Pholida Barclay, 212-250- 6853