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Article: Wells closes $786m sale.(FINANCE)(Wells Real Estate Investment Trust Inc.)(Brief Article)
- Article from:
- Real Estate Weekly
- Article date:
- April 20, 2005
CopyrightCOPYRIGHT 2005 Hagedorn Publication. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Wells Real Estate Funds announced that Wells Real Estate Investment Trust, Inc. has completed the sale of 27 office and industrial properties either wholly or jointly owned by the Wells REIT to New York-based REIT Lexington Corporate Properties Trust (NYSE: LXP) for $786 million.
The 27 properties were acquired or developed between 1999 and 2003 and consist of approximately 5.1 million square feet. According to Leo F. Wells III, president of Wells Real Estate Funds, Inc., the transaction is an exercise in strategic portfolio management, taking a sizable portion of the $5.1 billion Wells REIT portfolio full ...