RREEF Property Trust Inc., a publicly registered daily net asset value real estate investment trust advised by DWS Group, announced that redemption requests exceeded its quarterly limit of 5% of net asset value for the second quarter of 2023 as of March 31, 2023.
As The DI Wire previously reported, on Dec. 16, 2022, RREEF received an excess of the 5% limit of share redemption requests during the first quarter of 2023 and fourth quarter of 2022 as well.
According to RREEF, all redemption requests received during the quarter prior to April 25, 2023, were satisfied. Redemption requests received on April 25, 2023, were satisfied on a pro rata basis at 57.4% of the requested amount without regard to share class, such that aggregate redemptions during the second quarter did not exceed the limit of 5% of the company’s combined NAV as of March 31, 2023.
The company announced that due to reaching the quarterly redemption limit under the share redemption plan, they will no longer accept additional redemption requests until July 1, 2023.
All unsatisfied redemption requests received during second quarter will need to be resubmitted on or after July 1, 2023, to be accepted.
On Dec. 9, 2022, RREEF modified their redemption policy. Previously, the company limited redemptions to 5% of its combined NAV every quarter, but the company allowed unmet redemptions to roll into the next quarter, allowing redemptions to equal as much as 10% of NAV in a given quarter. However, their board of directors altered the share redemption plan to limit redemptions during the fourth quarter of 2022 to 5% of the company’s combined NAV as of Sept. 30, 2022.
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