RREEF Property Trust Inc., (NASDAQ: ZRPTAX; ZRPTIX; ZRPTTX), 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 first quarter of 2023 as of Feb. 23, 2023.
As The DI Wire previously reported, on Dec. 16, 2022, RREEF received an excess of the 5% limit of share redemption requests, based on the company’s combined net asset value, during the fourth quarter of 2022 as well.
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 Apr. 1, 2023.
According to the filing, unsatisfied redemption requests received during the quarter ending Mar. 31, 2023, must be resubmitted on or after Apr. 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 modified 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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