Scudder, RREEF Complete RE Fund IPO

Scudder Investments and its affiliate RREEF America LLC have completed a $525 million initial public offering for a closed-end fund management investment company specializing in real estate securities.The IPO for Scudder RREEF Real Estate Fund II consisted of 35 million shares priced at $15 per share, the companies reported. The fund, which began trading Aug. 27 on the American Stock Exchange under the symbol SRO, is aimed at total return through a combination of high current income and capital appreciation potential by investing in real estate and real estate securities. Under normal market conditions, the fund will invest at least 90% of its total assets in income-producing common stocks, preferred stocks, and other equity securities issues by real-estate-related companies such as real estate investment trusts, as well as in direct interests in real estate, the companies said. Scudder Investments can be found online at http://www.scudder.com.