Wells REIT Internalizes Advisers

Wells Real Estate Investment Trust Inc., Norcross, Ga., has announced the acquisition of its adviser companies for an undisclosed amount, making itself a self-advised REIT.Wells REIT, which specializes in owning class A office properties, was previously advised by entities affiliated with Wells Real Estate Funds. Under its charter, the REIT is required to list its shares on a national stock exchange or begin to liquidate its assets by Jan. 30, 2008. "Internalizing should mean benefits for the financial operations of the REIT over time, and it's generally considered to be advantageous for listing on a national stock exchange," said Donald A. Miller, president and chief executive officer of Wells REIT. The company can be found on the Web at http://www.wellsreit.com.