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NEW YORK CITY-Lexington Corporate Properties Trust, based here, is acquiring Net 1 and Net 2 LP, Delaware limited partnerships, in a merger valued at $143 million. The partnerships, which own 25 properties in 15 states, generate net rental revenue of $15.1 million. Net leased to 19 tenants including Wal Mart Stores, Cox Communications, Nextel Finance and Hewlett Packard, the properties have a remaining weighted average lease term of 9.2 years.

Net 1 and 2 will merge into a Lexington subsidiary, and the parent company will issue $65 million of securities to the sellers and assume $78 million in mortgage financing with a weighted average of 8%. The partners of Net 1 and 2 will receive $25.5 and $39.5 million, respectively, of the merger consideration.

Lexington’s chairman and co-chief executive officer, E. Robert Roskind, is the controlling shareholder of the general partners of Net 1 and 2. Lexington, a REIT, specializes in office, industrial and retail properties net leased to major US corporations.

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