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NEW YORK CITY-REITs Vornado Realty Trust and Winthrop Realty Trust both bought 11.5 million shares of Lexington Realty Trust. Vornado is scooping up eight million of the shares for $5.60 each, while Winthrop is taking the rest at the same unit price, according to a CNNMoney.com story from the 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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