Wells Real Estate Funds Completes Acquisition of Nissan Build-to-Suit

DALLAS, April 29 -- Wells Real Estate Funds has celebrated the completion of a new, three-story, 268,000-square-foot, Class-A, build-to- suit office building for Nissan Motor Acceptance Corporation. The official grand-opening occurred today at the new facility, located in suburban Irving, Texas, which serves as Nissan's new Customer Service Center.

Partners in the build-to-suit transaction included Champion Partners, Ltd., as the Dallas-based developer, The Staubach Company, as Nissan's broker, Cushman & Wakefield, as Champion's broker, HKS Architects, as the design firm, Thos. S. Byrne, as the general contractor, and Wells Real Estate Funds, which ultimately put up the capital to fund all of the project's costs and owns the building.

Nissan Motor Acceptance Corporation is a subsidiary of Nissan Motor, a $54 billion company ranked 58th on the FORTUNE Global 500.

"This transaction is a model for how corporations can best meet their space needs through innovative real estate solutions and working with experienced partners," said Joe Pangburn, director of development/build-to- suit at Wells Real Estate Funds. "Nissan will have all the benefits of occupying a new office building."

Wells expects to complete approximately $150 million to $200 million worth of build-to-suit transactions in 2003.

Wells Real Estate Funds is an Atlanta-based national real estate investment management firm that purchases existing Class-A office and industrial properties, as well as corporate sale-leasebacks and build-to-suit projects, leased long term to FORTUNE 500-caliber, creditworthy tenants and professional firms. In 2002, Wells Real Estate Funds was the largest purchaser of Class-A office buildings in the United States, completing 30 transactions totaling more than $1.4 billion. In its three investment products -- the Wells REIT, the Wells S&P REIT Index Fund, and the Wells limited partnerships -- Wells manages more than $2.6 billion in assets for 80,000 investors nationwide.

For more information regarding acquisitions, please contact Joe Pangburn at 800-448-1010. Wells is online at www.wellsref.com .

This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and 21E of the Securities Exchange Act of 1934, including discussions regarding Wells' use of proceeds and certain other factors that may affect future earnings or financial results. Such statements involve risks and uncertainties, which could cause actual results to vary materially from those expressed in or indicated by the forward-looking statements. Factors that may cause actual results to differ materially include changes in general economic conditions, changes in real estate conditions, construction delays, increases in interest rates, lease-up risks, lack of availability of financing and lack of availability of capital proceeds. This is neither an offer nor a solicitation to purchase securities. Such an offer can only be made by prospectus. To obtain a prospectus, please call Wells Real Estate Funds at 800-448-1010. Please read the prospectus carefully before investing.