Vornado Asset Sales Could Top $1 Billion, CEO Says
First Published Wednesday, 13th June 2012 12:55 am - © 2012 Dow Jones
Vornado Realty Trust (VNO) could sell more than $1 billion in assets this year, the Reuters news agency said Tuesday on its website, citing Vornado Chief Executive Michael Fascitelli.
"We have the best part of a billion dollars in aspirations to sell by the end of the year, maybe even far more than that," Mr. Fascitelli told investors at the National Real Estate Investment Trusts' Investor Forum called REITWeek 2012, the report said.
Vornado is about to market stakes it holds in three malls: Green Acres Mall on long island of which it owns 100%; half ownership stake in Monmouth Mall in Eatontown, New Jersey; and a 32% stake in Kings Plaza Regional Shopping Center in Brooklyn, the report said.
It also expects to sell about $300 million in other retail property like strip centers, of which it owns 123, the report said.