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Wells To Flip 27-Asset Portfolio for $786M

ATLANTA-Lexington Corporate Properties walks away with the holdings, totaling 5.1 million sf. No fire sale here, though. Wells executives say it's all in keeping with its investment strategy.

By John Salustri | Updated on March 01, 2005

ATLANTA-Some 5.1 million sf of assets, located in more than 10 states round the country, are set to flip from Wells Real Estate Funds to Lexington Corporate Properties when a newly unveiled $786-million sale closes this April. The bulk of the properties are class A, single-tenant assets with investment-grade credit ratings. Eastdil Realty spoke for Wells REIT.

In a statement, Wells executives explained that the sale is all part of the REIT’s ongoing strategy of pushing properties at the end of their cycle. The properties, “have increased in value, and their sale will create significant returns for our shareholders,” states president Leo F. Wells III. He notes that he considers the sale as “an exercise in effective portfolio management that allows us to fine-tune our investment strategy while capitalizing on today’s investment sales market.”

E. Robert Roskind, Lexington’s chairman, comments that the buy represents, “especially good timing for us considering the favorable financing environment and the significant range of capital resources available to Lexington to fund an acquisition of this size.”

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