Winthrop Realty Trust, Boston, has acquired 3.5 million shares of the common stock of Lexington Realty Trust for $5.60 per share in a privately-negotiated transaction. The seller of the shares has provided Winthrop with non-recourse financing equal to 50% of the purchase price, with a term of three years at an interest rate set at LIBOR plus 250 basis points. Michael Ashner, chairman and CEO of Winthrop, said his company's view is that Lexington's shares "have been significantly oversold by the market." He said the view reflects Winthrop's focus on pursuing "deep value and distressed investments."
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