Wells 2002 acquisitions total $770 million to date

Real Estate Weekly, Oct 16, 2002

Wells Real Estate Investment Trust (REIT) announced that its acquisitions for 2002 year-to-date have totaled over $770 million, a figure that ranks Wells first nationally among purchasers of office properties and places the company in line to reach its goal of closing $1.2 billion in acquisitions for the year. "We expanded and realigned our acquisitions team several months ago to match our professionals with the new opportunities in the market, and that strategic move has produced extraordinary results," said David Steinwedell, Wells chief investment officer.

Third quarter 2002 acquisitions totaled approximately $520 million, a figure that exceeded Wells RELT acquisitions for 2000 and 2001 combined ($517 million). September 2002 closings alone were over $267 million.