NEW YORK–(BUSINESS WIRE)–
RREEF Property Trust, Inc. (ZRPTAX, ZRPTIX, ZRPTTX) today announced the acquisition of 40 Allied Drive in Dedham, MA, a fully-leased Class-A, 64,127 rentable-square-foot medical office building outside of Boston, Massachusetts. The acquisition continues RREEF Property Trust’s strategy to diversify its holdings based on sector and geography.
The property was built in 2013 by the Greater Boston Musculoskeletal Company (GBMC). It houses the New England Baptist Outpatient Care Center which provides a full spectrum of orthopedic-related services including state-of-the-art operating rooms, a post-anesthesia care unit, post-operative physical therapy and imaging space, among other amenities. The Property is anchored by New England Baptist Hospital, a leading provider of orthopedic surgery and musculoskeletal treatment. Situated off Route 128/I-95, the property is less than 20 miles from central Boston, accessible via commuter rail and positioned less than 1 mile from the area’s premier shopping, dining and entertainment center.
“Strong demand in the medical office building market has been driven by macro-economic tailwinds, specifically the Affordable Care Act and the aging population. Rising health care costs and technological changes are also pushing outpatient care into medical office buildings, which offer better cost efficiencies compared to hospital facilities,” said Todd Henderson, Chairman of the Board of RREEF Property Trust and Head of Real Estate, Americas, at Deutsche Asset Management. “40 Allied Drive is a high-quality property that is well situated in a region where medical office space supply is generally more constrained due to the high barriers to entry.”
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 Management, a division of Deutsche Bank A.G., or Deutsche Bank.
Deutsche Asset Management – Real Estate
Deutsche Asset Management’s real estate investment business has been investing in real estate assets for more than 40 years. As part of the Alternatives platform, this business has more than 410 employees around the world and $53.6/€48.2 billion in assets under management as of June 30, 2016, and offers a diverse range of strategies and solutions across the risk/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 attractive 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 Management’s real estate investment capabilities, go towww.deutscherealestate.com.
For informational purposes only, not an offer to buy or sell securities.
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 Management
With about EUR 719 billion of assets under management (as of June 30, 2016), Deutsche Asset Management¹ is one of the world’s leading investment management organizations. Deutsche Asset Management offers individuals and institutions traditional and alternative investments across all major asset classes.
¹ Deutsche Asset Management is the brand name of the Asset Management division of the Deutsche Bank Group. The respective legal entities offering products or services under the Deutsche Asset Management brand are specified in the respective 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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