RREEF Property Trust Names New Dealer Manager for Follow-On Offering
RREEF Property Trust Inc., a publicly registered daily NAV non-traded real estate investment trust, appointed Deutsche AM Distributors as the dealer manager for its follow-on offering.
The current dealer management agreement with SC Distributors will expire on July 1st, the last day of the offering.
Deutsche AM Distributors, an affiliate of the advisor and the placement agent for the private offering, is a registered broker-dealer and a principal underwriter for the funds supporting the Deutsche Asset Management retail distribution channel.
RREEF Property Trust’s follow-on offering intends to offer up to $2.3 billion in shares of common stock, consisting of up to $2.1 billion in shares in the primary offering and up to $200 million in DRIP shares.
The REIT plans to offer four classes of shares, including class A, class I, class N, and class T.
The share classes have different selling commissions and ongoing fees and expenses. The per share purchase price for shares will vary from day-to-day and, on each day, will equal the NAV per share plus applicable sales commissions and fees.
Class A shares will likely have a 3 percent sales commission, an annual trailing dealer-manager fee equal to 0.55 percent of NAV, and a trailing distribution fee equal to 1/365th of 0.50 percent of NAV.
Class I shares are expected to have no sales commission, an annual trailing dealer manager fee equal to 0.55 percent of NAV, and no distribution fee.
Class N shares will likely have no sales commission, dealer manager fee, or distribution fee.
Class T shares are expected to have a 3 percent sales commission, a 2.75 percent dealer manager fee, and an annual trailing fee equal to 1 percent of NAV.
RREEF Property Trust’s portfolio consists of seven properties, including three office properties, two retail properties, one industrial property and one student housing complex. The company intends to continue to invest in properties located across the United States, primarily in the office, industrial, retail and multifamily sectors. The REIT went effective in January 2013, and has raised $95.1 million in investor equity since inception, according to the most recent Stanger Market Pulse.
