OTHER NEWS - April 10, 1993

Westinghouse Sells Real Estate Holdings: Westinghouse Electric Corp. will sell a hefty chunk of its troubled real estate holdings to a partnership it is forming with experienced property managers, the company said. The move will hasten the electronics conglomerate’s financial reorganization, an executive said. Westinghouse said it will sell 250 to 300 office and apartment buildings across the country to LW Real Estate Investments for about $1 billion. Westinghouse said the purchase price is about 52% of the properties’ book value. LW Real Estate is a partnership of Westinghouse and the Lehman Bros. investment banking firm. Each will invest $150 million, with Lehman holding a controlling 51% stake while it manages the property and seeks buyers.