Exhibit P (i)


                               PURCHASE AGREEMENT

         Purchase Agreement dated October 24, 2002 between the Scudder RREEF
Real Estate Fund, Inc., a corporation organized under the laws of the State of
Maryland (the "Fund"), and Deutsche Asset Management, Inc. (the "Sole Initial
Shareholder"), a corporation organized under the laws of the state of Delaware.

         WHEREAS, the Fund is an investment company registered under the
Investment Company Act of 1940, as amended (the "1940 Act"); and

         WHEREAS, the Fund proposes to issue and sell shares of its common
stock, par value, $.01 per share (the "Common Stock"), to the public pursuant to
a Registration Statement on Form N-2 (the "Registration Statement") filed with
the Securities and Exchange Commission; and

         WHEREAS, Section 14(a) of the 1940 Act requires each registered
investment company to have a net worth of at least $100,000 before making a
public offering of its securities;

         NOW THEREFORE, the Fund and the Sole Initial Shareholder agree as
follows:

         1.       The Fund offers to sell to the Sole Initial Shareholder, and
                  the Sole Initial Shareholder agrees to purchase from the Fund,
                  6,981 number of shares of Common Stock (the "Shares") for an
                  aggregate price of $100,002.82 on a date to be specified by
                  the Fund, prior to the effective date of the Registration
                  Statement.

         2.       The Sole Initial Shareholder represents and warrants to the
                  Fund that the Sole Initial Shareholder is acquiring the Shares
                  for investment purposes only and not with a view to resale or
                  further distribution.

         3.       The Sole Initial Shareholder's right under this Purchase
                  Agreement to purchase the Shares is not assignable.

         IN WITNESS WHEREOF, the Fund and the Sole Initial Shareholder have
caused their duly authorized officers to execute this Purchase Agreement as of
the date first above written.

                                     SCUDDER RREEF REAL ESTATE FUND, INC.

                                     By: /s/ BINCO A. [TO COME]
                                         --------------------------------
                                     Name:  Binco A. [to come]
                                     Title: Assistant Secretary

                                     DEUTSCHE ASSET MANAGEMENT, INC.

                                     By: /s/ RICHARD T. HALE
                                         --------------------------------
                                     Name:  Richard T. Hale
                                     Title: Vice President