Ich Bin Timberlander
Wells Real Estate may have pulled one out of its hat. Wells Timberland REIT has entered into an agreement with a German fund to raise up to an additional $500 million in equity. The fund will be sold by a German bank to its clients, mostly retail investors. Wells expects big money from this new selling group member, although nothing is assured. This deal is just in time, as Timberland's second and third payments on its mezzanine finance loan are due in late August and mid October. More information on the transaction is available through an 8-K.