RREEF Property Trust to Liquidate as Redemption Pressure Outweighs New Capital

The DWS-advised daily NAV REIT has halted its offering, share redemption plan and DRIP effective immediately and aims to sell its seven properties within two years of stockholder approval.

September 21, 2026

RREEF Property Trust is winding down. The board of the DWS-advised daily NAV REIT has approved a plan of complete liquidation and dissolution that calls for the voluntary sale of all of its assets, followed by dissolution of the company, and it is preparing to put the plan before stockholders at a special meeting.

Management pointed to a sustained period of elevated redemption activity, which it described as affecting both the company and the non-traded REIT sector more broadly, alongside difficulty attracting new capital. After weighing a range of strategic alternatives, the board concluded that an orderly liquidation offered the best path to maximizing stockholder value.

Offering, Redemptions and DRIP Halted Immediately

Several measures took effect at once. The board suspended the sale of shares in both the public and private offerings, shut the share redemption plan and suspended the distribution reinvestment plan. Monthly cash distributions are expected to continue while the stockholder vote is pending, at the board’s discretion.

The freeze on new sales lands only months after the company registered its fifth public offering, a program of up to $1.95 billion that introduced a Class S share for the first time. That registration disclosed that redemption requests had been exceeding plan limits for an extended stretch, foreshadowing the pressure the board now cites. DWS had also stepped in earlier in the year with a $15 million purchase of Class Z shares at NAV, a move framed at the time as a vote of confidence in the vehicle’s prospects.

Seven Properties, 24-Month Sale Window

The portfolio consists of seven real estate investments spread across five states in the industrial, retail, residential and office sectors. If stockholders adopt the plan, the company intends to complete the asset sales within 24 months of that date.

Net proceeds will be returned to stockholders at times the board deems appropriate, after satisfying liabilities and obligations, establishing reserves and covering the costs of the wind-down. The company noted that its property valuations and appraisals are estimates of fair value and may not match the prices ultimately realized in a sale.

Todd Henderson, chairman, president and chief executive of the REIT, framed the decision against the vehicle’s track record. Class I shares, the largest and longest-running class, delivered a since-inception annualized total return of 6.35% through August 31, 2026, and annualized monthly distributions across all share classes ranged between 5.1% and 6.9% over the past two years.

Advisors and Next Steps

Jones Lang LaSalle Securities served as financial advisor on the strategic review. Alston & Bird acted as company counsel and Venable as Maryland counsel.

The company plans to file a proxy statement with the SEC ahead of the special meeting, and the liquidation remains contingent on stockholder approval. Among the risks the company flagged are the possibility that stockholders reject the plan, fluctuations in real estate values across its markets, and the need to service debt and stay within covenant limits while the sale process runs.

RREEF Property Trust was formed in February 2012 to acquire and hold income-producing U.S. commercial real estate. Its adviser is an affiliate of DWS Group, which reported EUR 1,190 billion in total assets under management as of June 30, 2026.