Vornado Realty Trust (NYSE: VNO) announced today that LNR Property LLC,
has entered into a definitive agreement to be sold. Vornado, which owns
26.2%, expects to receive net proceeds of approximately $241 million.
The transaction is expected to close in the second quarter of 2013,
subject to customary closing conditions. The sellers were advised by
Lazard in this transaction.
Vornado Realty Trust is a fully integrated equity real estate investment
trust.
Certain statements contained herein may constitute “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act of 1995. Such forward-looking statements involve known and
unknown risks, uncertainties and other factors which may cause the
actual results, performance or achievements of the Company to be
materially different from any future results, performance or
achievements expressed or implied by such forward-looking statements.
Such factors include, among others, risks associated with the timing of
and costs associated with property improvements, financing commitments
and general competitive factors.
