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Wells to Launch REIT Sequel

Wells Real Estate Funds, a real estate investment management firm, has launched its latest offering, the Wells Real Estate Investment Trust II.

The Wells REIT II offering is expected to bring in up to $7.76 billion through the issuance of 600 million shares of common stock at $10 each and up to 185 million shares of common stock at $9.55 per share under its dividend reinvestment plan.

Wells REIT II, a private REIT that is not traded on the public markets, expects to use "substantially all" of the net proceeds from the offering to acquire and operate commercial real estate, mostly office properties.

The office properties that the fund will invest in are primarily high quality, income-generating properties leased to creditworthy companies and governmental entities, Wells reports.

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