DWS RREEF Real Estate Fund & DWS RREEF Real Estate Fund II Announce Redemptions of All Outstanding Auction Rate Preferred Shares
April 16 2010 - 4:45PM
Business Wire
In connection with their pending liquidations, DWS RREEF Real
Estate Fund, Inc. (NYSE Amex: SRQ) (“DWS RREEF I”) and DWS RREEF
Real Estate Fund II, Inc. (NYSE Amex: SRO) (“DWS RREEF II”) (each,
a “Fund,” and together, the “Funds”) announced today that they will
be redeeming all of their respective outstanding auction rate
preferred shares (“ARPS”). Each Fund’s Board of Directors has
authorized the ARPS redemptions, which will be accomplished by the
Fund in accordance with its charter documents. The redemptions will
occur in advance of the Funds’ final liquidations.
DWS RREEF I intends to redeem all of its currently outstanding
$22 million of ARPS. For DWS RREEF I, the table below lists, on a
per series basis, the total number of ARPS to be redeemed, the
total liquidation preference of the ARPS to be redeemed, and
currently scheduled redemption dates:
DWS RREEF Real Estate
FundARPS Series
CUSIP
Total Number ofShares
Redeemed
Total
AmountRedeemed
Redemption Dates
Series A
81119Q209
440
$ 11,000,000
May 20, 2010
Series B 81119Q308 440 $11,000,000 May 17, 2010 $22,000,000
DWS RREEF II intends to redeem all of its currently outstanding
$14 million of ARPS. For DWS RREEF II, the table below lists, on a
per series basis, the total number of ARPS to be redeemed, the
total liquidation preference of the ARPS to be redeemed, and
currently scheduled redemption dates:
DWS RREEF Real Estate Fund
IIARPS Series
CUSIP
Total Number ofShares
Redeemed
Total
AmountRedeemed
Redemption Dates
Series A
81119R207
112
$2,800,000
May 18, 2010
Series B 81119R306 112 $2,800,000 May 19, 2010 Series C 81119R405
112 $2,800,000 May 20, 2010 Series D 81119R504 112 $2,800,000 May
21, 2010 Series E 81119R603 112 $2,800,000 May 17, 2010 $14,000,000
For more information about DWS Investments closed-end funds,
visit www.dws-investments.com or call (800) 349-4281.
IMPORTANT INFORMATION
Closed-end funds, unlike open-end funds, are not continuously
offered. There is a one time public offering and once issued,
shares of closed-end funds are sold in the open market through a
stock exchange. Shares of closed-end funds frequently trade at a
discount to net asset value. The price of the fund’s 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
shares will trade at, below or above net asset value.
The funds are subject to investment risks. Any fund that
concentrates in a particular segment of the market will generally
be more volatile than a fund that invests more broadly. There are
special risks associated with an investment in real estate,
including credit risk, interest rate fluctuations and the impact of
varied economic conditions.
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
proposed plan to redeem all of the Funds’ respective ARPS; (ii) the
effects of changes in market and economic conditions; (iii) legal
and regulatory developments; and (iv) other additional risks and
uncertainties.
NOT FDIC/ NCUA INSURED • MAY
LOSE VALUE • NO BANK GUARANTEE
NOT A DEPOSIT • NOT INSURED BY
ANY FEDERAL GOVERNMENT AGENCY
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-17126-1 4/09)
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