Associated Press
Both firms have arranged for interest-only financing at 50% for the common shares. Lexington, as well, is buying back 3.5 million shares. The units were previously held by an affiliate of Apollo Real Estate Advisors III.
Winthrop CEO Michael Ashner says the buy is consistent with his company's strategy of purchasing distressed assets at a discount. To read the fill CNNMoney.com article, click here.
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