Vornado Moves Toward Distressed Properties
Vornado Realty Trust is looking forward toward an opportunity presented by the inevitable increase in distressed properties over the next few years. The REIT is preparing a $1 billion private-equity fund so that it will be ready to act on this opportunity.
The Wall Street Journal has more:
“Vornado says the proposed fund, Vornado Capital Partners LP, would be the company’s “exclusive vehicle for real-estate and real-estate-related investments,” according to a presentation to potential investors that was reviewed by The Wall Street Journal. In the presentation, Vornado said the fund would aim to generate returns of over 20% by taking advantage of distress in the real-estate market. Vornado would focus on the areas it knows best — office and retail properties in New York and Washington.”
