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Lexington JV Selling 53 Properties for $940M

NEW YORK CITY-The REIT is establishing a joint venture to sell the properties located in 28 states as part of the company's restructuring plan.

By Natalie Dolce | Updated on August 13, 2007

NEW YORK CITY-Lexington Realty Trust, a REIT that focuses on single-tenant real estate investments, is selling its 53 properties to a joint venture between the REIT’s limited partnership and another real estate investment company for $940 million. A spokesperson for the company tells GlobeSt.com that although they cannot yet disclose the other company in the joint venture, this deal is part of a strategic restructuring plan for Lexington Realty Trust.

The Lexington Master Limited Partnership and the undisclosed co-investor will buy the mostly single-tenant net leased properties located in 28 states from the REIT and its subsidiaries. “The co-investment program is under contract to acquire 53 primarily single-tenant net leased assets,” the spokesperson notes. “Some of the properties are for specialty use such as data centers or manufacturing facilities.”

The spokesperson adds that, “in early June, the Lexington Realty Trust board put together a strategic restructuring plan. This was one of the steps.”

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