UNIQLO to acquire a 52% stake in its US flagship store from Vornado Realty Trust for $350m.

UNIQLO, a Japanese casual wear designer, agreed to acquire an 52% stake in its US flagship store located at at 666 Fifth Avenue, from Vornado Realty Trust, a real estate investment trust, for $350m. In conjunction with the closing, the pass-through leases between the office condominium owner and the retail joint venture will be terminated. The joint venture will continue to own 23.8 Sq.ft. of retail space at 666 Fifth Avenue consisting of the Abercrombie & Fitch and Tissot stores.