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TWO LIMITED PARTNERSHIPS TO BE ACQUIRED BY REALTY ReFUND TRUST

 TWO LIMITED PARTNERSHIPS TO BE ACQUIRED BY REALTY ReFUND TRUST
 NEW YORK, Dec. 30 /PRNewswire/ -- Secured Property Associates and Secured Property Associates II, the general partners of Lepercq Corporate Income Fund L.P. ("LCIF I") and Lepercq Corporate Income Fund II L.P. ("LCIF II"), respectively, announced today that their two real estate limited partnerships have entered into a definitive agreement to be acquired by Realty ReFund Trust (NYSE: RRF) in merger transactions valued at approximately $204 million, including approximately $114 million of existing mortgage debt of the partnerships.
 In the transaction, limited partners of LCIF I will receive approximately 35.79 shares of Realty ReFund per partnership unit. Limited partners of LCIF II will receive approximately 32.80 shares of Realty ReFund per partnership unit. Realty ReFund closed Friday on the New York Stock Exchange at $16.25. Realty ReFund has currently outstanding approximately 1,020,000 shares.
 Realty ReFund Trust, a real estate investment trust headquartered in Cleveland, was formed in 1971 and is currently invested primarily in wrap-around mortgages. It has traded on the New York Stock Exchange since 1978 and has paid quarterly dividends for 80 consecutive quarters.
 The transaction is subject to, among other conditions, the approval of limited partners owning a majority of the units of each class of the partnerships and to the approval of the shareholders of Realty ReFund. The general partners said a prospectus covering the transaction will be filed with the SEC promptly and that the transaction is expected to be completed by mid-1992.
 American Appraisal Associates, Inc., has advised the partners in fairness opinions that this transaction is fair from a financial point of view for the limited partners of both partnerships.
 The general partners of both partnerships said, "This transaction offers the LCIF investors a liquid real estate security and the opportunity to participate in a larger and more diverse real estate investment vehicle. Moreover, Realty ReFund, with an increased asset and capital base, will have access to capital markets and sources of borrowing not available to the partnerships which may allow for investment flexibility and portfolio growth."
 -0- 12/30/91
 /CONTACT: E. Robert Roskind of Secured Property Associates, 212-692-7210; or Tim Ernst of Hill & Knowlton, 212-697-5600, for Secured Property Associates, L.P., and Secured Property Associates II, L.P./
 (RRF) CO: Secured Property Associates; Secured Property Associates II;
 Realty ReFund Trust ST: New York, Ohio IN: FIN SU: TNM


GK -- NY009 -- 2796 12/30/91 09:48 EST
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Publication:PR Newswire
Date:Dec 30, 1991
Words:412
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