Announced
Financials
Sources
Tags
United States
real estate
Real Estate Holding and Development
Private
Acquisition
Single Bidder
Private Equity
Synopsis
Qatar Investment Authority and private realty firm Crown Acquisitions said they were the unnamed investors in a deal with Vornado Realty Trust valued at $5.56bn that involves a portfolio of prime New York retail properties. Vornado sold a non-controlling stake in its portfolio of properties along Fifth Avenue and Broadway in Times Square in a transaction that provided the firm cash proceeds of about $1.2bn. The deal comprised $950m of mortgage debt, $1.83bn of preferred equity entirely held by Vornado and $2.78bn of common equity in which Vornado holds 51%.
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