RREEF Property Trust Ends Wholesaling Agreement with RCS
RREEF Property Trust Inc., a publicly registered non-traded real estate investment trust sponsored by an affiliate of Deutsche Bank Asset, terminated its wholesaling agreement with Realty Capital Securities, an affiliate of RCS Capital (NYSE: RCAP). The termination is effective November 24, 2015.
SC Distributors LLC, which is owned by RCS Capital, will continue to serve as the dealer manager for the REIT. RCAP purchased SC Distributors in May 2014 as part of an $80 million deal that included two divisions of Tampa-based Validus Group: SC Distributors LLC and Strategic Capital Advisory Services.
Realty Capital Securities served as SC Distributors’ distribution agent and assisted with recruiting participating broker-dealers for the sale of the company’s common stock. It also provided training and education to the participating broker-dealers, administered the due diligence and broker-dealer approval process, and provided marketing, sales and other support as necessary.
RREEF Property Trust is a daily NAV real estate investment trust that employs a blended strategy that includes commercial real estate, publicly-traded real estate securities, real estate-related debt and cash and cash equivalents. The REIT targets investments in income-producing properties with established cash flow and the potential for value appreciation, focusing primarily on U.S. commercial real estate assets selected from the industrial, retail, office, and multifamily sectors.
