Press release from Business Wire
RREEF Property Trust Announces Escrow Break and Cash Distributions
Friday, May 31, 2013
RREEF Property Trust Announces Escrow Break and Cash Distributions14:38 EDT Friday, May 31, 2013
NEW YORK (Business Wire) -- RREEF Property Trust, Inc. announced today that it has commenced operations by breaking escrow with proceeds of $10 million from an investment by its sponsor, RREEF America L.L.C.
In addition, the Board of Directors of RREEF Property Trust authorized daily cash distributions to stockholders of $0.00164384 per share on each outstanding Class A and Class B share of common stock (less class-specific expenses). Both distributions equate to an annualized distribution rate of 5.0% (before class-specific expenses) assuming a share price of $12.00. The distributions are for the period commencing on June 1, 2013 through September 30, 2013, and are payable on a monthly basis beginning on July 1, 2013.
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 billion1 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 Excludes infrastructure securities assets under management, which were previously reported under the RREEF Real Estate business.
For RREEF Property Trust, Inc.
Pholida Barclay, +1 212-250-6853