Wells REIT II Completes Property Acquisition in Douglasville, Ga.

ATLANTA, March 22 -- Wells Real Estate Investment Trust II, Inc. (Wells REIT II) has completed the purchase of a major industrial facility, New Manchester One, located at 9103 Riverside Parkway in Douglasville, Georgia. Terms of the acquisition were not disclosed.

The one-story, 593,404-square-foot building serves as the East Coast distribution hub for JVC Americas Corp., a wholly owned subsidiary of Victor Company of Japan, Limited. Built in phases and to be completed later this year, the state-of-the-art industrial facility is 100% occupied by JVC Americas Corp. and features 32-foot clear-height ceilings, deep truck courts, and cross-dock distribution capacity.

"This acquisition represents a return to the industrial investment market for Wells. The company is committed to building a strong presence nationally in the industrial market," said David Steinwedell, Chief Investment Officer with Wells Real Estate Funds. "Like most markets across the country, Atlanta suffered some softness in the industrial market over the past two years. However, we believe factors such as a declining delivery/development pipeline indicate that the industrial market in Atlanta is poised for growth in the next few years."

On December 2, 2003, Wells announced the launch of Wells REIT II. The initial offering is for up to 600 million shares of common stock priced at $10.00 per share and also offers up to 185 million shares of common stock at $9.55 per share under its dividend reinvestment plan.

Wells Real Estate Funds is a 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 creditworthy tenants. Wells was the largest purchaser of Class-A office and industrial real estate in 2002 and 2003, according to New York-based Real Capital Analytics. In its investment products -- Wells REIT II, the Wells REIT, the Wells S&P REIT Index Fund, and the Wells Limited Partnership Fund XIV -- Wells manages more than $5 billion in assets for more than 150,000 investors nationwide.

For more information regarding acquisitions, please contact David Steinwedell, Chief Investment Officer, 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 be made only by prospectus. To obtain a prospectus, please contact Wells Investment Securities, Inc., at 6200 The Corners Parkway, Norcross, Georgia 30092-3365 (tel. 800-448-1010). No sale may be made in any State where an offer or sale would be unlawful before effective local registration.