DWS RREEF Real Estate Fund, Inc. & DWS RREEF Real Estate Fund II, Inc. Announce Cessation Date & Anticipated Redemption of Au...
March 29 2010 - 5:05PM
Business Wire
DWS RREEF Real Estate Fund, Inc. (NYSE AMEX:SRQ) and
DWS RREEF Real Estate Fund II, Inc. (NYSE AMEX:SRO) (each, a
“Fund,” and together, the “Funds”) today each announced that the
“Cessation Date” for its planned liquidation is expected to occur
on or about June 11, 2010. As provided in each Fund’s Plan of
Liquidation and Dissolution, at the close of business on the
Cessation Date, each Fund will cease its business as an investment
company, except for the purpose of liquidating and winding up its
affairs, and the books of each Fund will be closed and the further
transfer of the Funds’ common stock on NYSE Amex will cease (except
for the settlement of prior transactions). Each Fund will seek to
reduce all of its holdings to cash and make a final liquidating
distribution to holders of its common stock on or about June 18,
2010. In the event that illiquid securities remain in a Fund’s
portfolio, such Fund may elect to make one or more additional
distributions pursuant to its Plan of Liquidation and
Dissolution.
In addition, the Funds announced that they currently intend to
redeem all of their respective outstanding auction rate preferred
shares (“ARPS”) prior to the Cessation Date. Further details
regarding the timing of the proposed ARPS redemptions will be
provided in a future press release.
For more information on the Funds, visit www.dws-investments.com
or call (800) 349-4281.
IMPORTANT INFORMATION
Investments in the Funds involve risk. The Funds involve
additional risks due to their narrow focus. There are special risks
associated with investment in real estate, including credit risk,
interest rate fluctuations, and the impact of varied economic
conditions.
Shares of common stock of closed-end funds, unlike open-end
funds, are not continuously offered. There is a one time public
offering and, once issued, shares of common stock of closed-end
funds are traded in the open market generally through a stock
exchange. Common shares of closed-end funds frequently trade at a
discount to net asset value. The price of common shares is
determined by a number of factors, several of which are beyond the
control of the fund. Therefore, the fund cannot predict whether its
common shares will trade at, below, or above net asset
value.
This press release shall not constitute an offer to sell or a
solicitation to buy, nor shall there be any sale of fund securities
in any state or jurisdiction in which such offer or solicitation or
sale would be unlawful prior to registration or qualification under
the laws of such state or jurisdiction.
Certain statements contained in this release may be
forward-looking in nature. These include all statements relating to
plans, expectations, and other statements that are not historical
facts and typically use words like “expect,” “anticipate,”
“believe,” and similar expressions. Such statements represent
management’s current beliefs, based upon information available at
the time the statements are made, with regard to the matters
addressed. All forward-looking statements are subject to risks and
uncertainties that could cause actual results to differ materially
from those expressed in, or implied by, such statements. Management
does not undertake any obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events, or otherwise.
The following factors, among others, could cause actual
results to differ materially from forward-looking statements: (i)
the ability of DWS Investments and the Funds to execute the Funds’
Plans of Liquidation and Dissolutions and to fully redeem the
Funds’ outstanding ARPS; (ii) the need to obtain any necessary
regulatory approvals; (iii) the effects of changes in market and
economic conditions; (iv) other legal and regulatory developments;
and (v) other additional risks and uncertainties.
DWS Investments is part of Deutsche Bank’s Asset Management
division and, within the US, represents the retail asset management
activities of Deutsche Bank AG, Deutsche Bank Trust Company
Americas, Deutsche Investment Management Americas Inc. and DWS
Trust Company. (R-16783-2 3/10)
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