Boston-based Winthrop Realty Trust has granted a waiver to its ownership limit provision in its bylaws to Florida-based Fairholme Capital Management.

The waiver allows Fairholme to acquire up to 15 percent of Winthrop's outstanding shares, subject to certain limitations.

Winthrop's ownership limitation currently restricts any one person from owning more than 9.8 percent of its outstanding shares.

Winthrop's principal business activities include investing and making loans secured by real estate, joint venture investments with local real estate partners and acquiring equity and debt securities where the underlying assets consist of real estate.