VORNADO REALTY TRUST (NYSE:VNO) announced today that it has entered into
an agreement to sell The Plant, a power strip shopping center in San
Jose, California for $203 million. The sale will result in net proceeds
of approximately $93 million, after repaying existing debt and closing
costs, and a financial statement gain of approximately $33 million. The
sale, which is subject to customary closing conditions, is expected to
be completed by the second quarter of 2013.
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.
