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Vornado's New War Chest

Vornado Realty Trust raised a quick $1 billion through an offering of 8.1 million shares priced after the close of trading yesterday. Vornado, fresh off agreeing to buy the Manhattan Mall for $689 million, says it is looking to make more buys, possibly spending up to $3 billion on properties or company buyouts.

If recent history is any guide, Vornado could have any number of deals up its sleeve. In the past 24 months its bought office and retail properties in one-off deals, but also has invested heavily in retailers, participating in the takeovers of Toys 'R' Us and Sears last year.

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Elaine Misonzhnik

Senior associate editor Elaine Misonzhnik has been writing for National Real Estate Investor since June 2006 and has covered commercial real estate for more than 12 years. She first became...
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