Wells Fargo Real Estate looks to sell $100 million cumulative perpetual preferred stock

By Stephanie N. Rotondo

Phoenix, Sept. 25 – Wells Fargo Real Estate Investment Corp. registered $100 million of series A cumulative perpetual preferred stock in an S-11 filed with the Securities and Exchange Commission on Thursday.

Wells Fargo Securities LLC is running the books.

When declared, dividends will be paid on a quarterly basis. The preferreds become redeemable in 2019 but can be redeemed earlier upon the occurrence of a tax or regulatory event, or if the company has to register as an investment company.

The redemption price is par plus accrued dividends.

The company intends to list the new securities on the New York Stock Exchange under the ticker symbol “WFE.”

Proceeds will be used for general corporate purposes, including the acquisition of qualifying real estate investment trust assets. It is anticipated that net proceeds will be put toward reducing a line of credit.

Wells Fargo Real Estate Investment is a Minneapolis-based REIT.

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