Vornado Realty Trust Announces That Its 52% Owned Street Retail Joint Venture Has Entered Into An Agreement To Sell UNIQLO The Portion Of Its U.S. Flagship Store At 666 Fifth Avenue Owned By The Retail Joint Venture For $350M
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Vornado Realty Trust (NYSE:VNO) announced that its 52% owned street retail joint venture has agreed to sell a portion of its U.S. flagship store at 666 Fifth Avenue to UNIQLO for $350 million. The proceeds will be used to partially repay Vornado's $390 million of preferred equity on the asset.
August 05, 2024 | 8:46 pm
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Vornado Realty Trust's joint venture is selling part of its 666 Fifth Avenue flagship store to UNIQLO for $350 million. The proceeds will be used to partially repay Vornado's $390 million of preferred equity on the asset.
The sale will generate significant proceeds that will be used to repay a substantial portion of Vornado's preferred equity, improving its financial position. This is likely to be viewed positively by investors.
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