NEW YORK--(BUSINESS WIRE)--RREEF Property Trust, Inc. (ZRPTAX, ZRPTBX) today announced the acquisition of Loudoun Gateway I, an institutional-quality Class-A, 102,015 square-foot office building in Sterling, VA, for $21.95 million. This is RREEF Property Trust’s first acquisition in the Washington, DC metropolitan area and increases the fund’s geographic diversification.
The fully-leased property is a highly functional asset that offers excellent access to the greater Washington, DC metropolitan area via various access points, along with several attractive amenities. Loudoun Gateway I is located three miles north of Washington Dulles International Airport at the intersection of Route 28 and Old Ox Road (Route 606) and will be accessible via mass transit in 2020 when the Phase II extension of the Silver Line will extend the Metrorail 11.5 miles beyond Dulles and into Loudoun County. The property is located less than two miles away from the proposed station.
“Loudoun Gateway I is a high quality building located in a growing submarket of Washington, DC, which is driven by economic diversity, the depth of its highly-educated labor pool and the consistent ability of many Federal agencies to absorb space in this area,” said Todd Henderson, Chairman of the Board of RREEF Property Trust and Head of Real Estate, Americas, at Deutsche Asset & Wealth Management. “Furthermore, the property provides investors with the potential for an attractive income return given the purchase price and long-term lease in place.”
RREEF Property Trust
RREEF Property Trust is a publicly registered, non-listed, daily NAV real estate investment trust. RREEF Property Trust employs a blended strategy that includes commercial real estate, publicly-traded real estate securities, real estate-related debt and cash and cash equivalents. RREEF Property Trust targets investments in income-producing properties with established cash flow and the potential for value appreciation. RREEF Property Trust focuses primarily on U.S. commercial real estate assets selected from the industrial, retail, office, and multifamily sectors. To learn more about RREEF Property Trust, go to www.rreefpropertytrust.com.
RREEF America L.L.C. is the sponsor and advisor of RREEF Property Trust. RREEF America L.L.C., together with its affiliates in Europe and Asia comprise the global real estate investment business of Deutsche Asset & Wealth Management (formerly RREEF Real Estate), a division of Deutsche Bank A.G., or Deutsche Bank.
Deutsche Asset & Wealth Management – Real Estate
Deutsche Asset & Wealth Management’s real estate investment business has been investing in real estate assets for more than 40 years. As part of the Alternatives and Real Assets platform, this business today has more than 450 employees around the world, USD 51.1 billion in assets under management as of June 30, 2015, and offers a diverse range of strategies and solutions across the risk and return and geographic spectrums, including core and value-added real estate, real estate securities, real estate debt and opportunistic real estate. The real estate investment business employs a disciplined investment approach and aims to deliver superior long-term risk adjusted returns, preservation of capital and diversification to its investors, which include governments, corporations, insurance companies, endowments, retirement plans and private clients worldwide. To learn more about Deutsche Asset & Wealth Management’s real estate investment capabilities, please go to www.deutscherealestate.com.
An investment in real estate involves a high degree of risk, including possible loss of principal amount invested, and is suitable only for sophisticated investors who can bear such losses.
Deutsche Asset & Wealth Management
With USD 1.25 trillion of assets under management (as of March 31, 2015), Deutsche Asset & Wealth Management¹ is one of the world's leading investment organizations. Deutsche Asset & Wealth Management offers individuals and institutions traditional and alternative investments across all major asset classes. It also provides tailored wealth management solutions and private banking services to high-net-worth individuals and family offices.
¹ Deutsche Asset & Wealth Management is the brand name of the Asset Management and Wealth Management division of the Deutsche Bank Group. The legal entities offering products or services under the Deutsche Asset & Wealth Management brand are listed in contracts, sales materials and other product information documents.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities.
This press release contains forward-looking statements within the meaning of federal securities laws and regulations. These forward-looking statements are identified by their use of terms and phrases such as "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "predict," "project," "should," "will" and other similar terms and phrases, including references to assumptions and forecasts of future results. Forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause the actual results to differ materially from those anticipated at the time the forward-looking statements are made. Although RREEF Property Trust believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that the expectations will be attained or that any deviation will not be material. RREEF Property Trust undertakes no obligation to update any forward-looking statement contained herein to conform the statement to actual results or changes in the company's expectations.
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