RREEF receives approval for $2.5 billion REIT plan
The Securities and Exchange Commission has approved RREEF Property Trust's registration statement pertaining to its public offering of up to $2.5 billion in shares of common stock. RREEF Property Trust intends to use the net proceeds from its offering to invest in a diversified portfolio of high-quality, income-producing commercial real estate properties, primarily in the office, industrial, retail and multifamily sectors as well as securities of publicly traded REITs and other real estate companies, and debt backed by real estate.
RREEF Property Trust will sell shares of common stock on a continuous basis and for an indefinite period of time. Its common stock will initially be priced at $12.00 per share, plus applicable selling commissions. After the close of the escrow period, shares will be valued and sold on a daily basis at net asset value, or NAV, per share, plus applicable selling commissions.