REIT Forms Investment Company

Lexington Corporate Properties Trust, a New York-based real estate investment trust, has announced the formation of a specialty investment company aimed at expanding the REIT's acquisition opportunities.The investment company, Lexington Strategic Asset Corp., has raised net proceeds of approximately $61.6 million through the sale of 6.738 million shares of stock in a private placement, the REIT reported. In connection with the private placement, Lexington said it will contribute to LSAC its indirect ownership interest in four real estate assets and financing deposits. The new company will invest in general-use properties with private or middle-market tenants, special-purpose properties, non-U.S. properties in the Americas with U.S. dollar-denominated rents, and other specialized facilities or assets, according to the REIT. Lexington can be found online at http://www.lxp.com.