PRNewswire - NEW YORK - October 2, 2003
Lexington Corporate Properties Trust ( NYSE:LXP), a real estate investment trust, today announced that it has formed a Joint Venture program with Clarion Lion Properties Fund, LLC to invest in single-tenant net-leased real estate throughout the United States.
Under the terms of the Joint Venture, Lexington and the Lion Fund plan to contribute $30 million and $70 million, respectively, to the Joint Venture. The Joint Venture will acquire single tenant office, industrial and retail properties and intends to acquire $250 million in real estate. The Joint Venture is Lexington's third such partnership with a major institutional investor and will enable Lexington to expand its operating platform, grow its asset management business and broaden its access to capital.
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