Vornado Completes Acquisition of Partner’s 45% Ownership Interest in One Park Avenue

Rhea-AI Summary

Vornado Realty Trust (NYSE:VNO) has completed its acquisition of a 45% interest in One Park Avenue from Canada Pension Plan Investment Board, increasing its ownership to 100%. The transaction values the property at $875 million and was executed under a right of first offer.

This acquisition reinforces Vornado's position within the real estate market as a fully-integrated equity real estate investment trust.

Positive

• Acquisition increases Vornado's ownership of One Park Avenue to 100%.
• Transaction values the property at $875 million, indicating strong asset value.

Negative

• None.

NEW YORK, Aug. 05, 2021 (GLOBE NEWSWIRE) -- Vornado Realty Trust (NYSE:VNO) announced today that it has completed its previously announced acquisition of Canada Pension Plan Investment Board’s (“CPP Investments”) 45% interest in One Park Avenue, increasing Vornado’s ownership interest to 100%, which was pursuant to a right of first offer. The purchase price values the property at $875 million.

Vornado Realty Trust is a fully-integrated equity real estate investment trust.

CONTACT

Thomas Sanelli
(212) 894-7000

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 Vornado to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. For a discussion of factors that could materially affect the outcome of our forward-looking statements and our future results and financial condition, see “Risk Factors” in Part I, Item 1A, of our Annual Report on Form 10-K for the year ended December 31, 2020. Such factors include, among others, risks associated with the performance of Vornado’s properties and general competitive factors. Currently, one of the most significant factors is the ongoing adverse effect of the COVID-19 pandemic on our business, financial condition, results of operations, cash flows, operating performance and the effect it has had and may continue to have on our tenants, the global, national, regional and local economies and financial markets and the real estate market in general. The extent of the impact of the COVID-19 pandemic will depend on future developments, including the duration of the pandemic, which are highly uncertain at this time but that impact could be material. Moreover, you are cautioned that the COVID-19 pandemic will heighten many of the risks identified in "Item 1A. Risk Factors" in Part I of our Annual Report on Form 10-K for the year ended December 31, 2020.

FAQ

What is the significance of Vornado's acquisition of One Park Avenue?

The acquisition allows Vornado to fully own One Park Avenue, enhancing its portfolio and asset value.

How much did Vornado pay for the acquisition of One Park Avenue?

Vornado acquired the 45% interest for a total property valuation of $875 million.

What is Vornado's current ownership stake in One Park Avenue?

Vornado now holds a 100% ownership stake in One Park Avenue after the acquisition.

What type of company is Vornado Realty Trust?

Vornado Realty Trust is a fully-integrated equity real estate investment trust.