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| Vornado acquires up to 44 stores from Toys ’R’ Us Vornado Realty Trust has entered into an agreement to purchase up to 44 previously closed Toys "R" Us stores for up to $190 million. These properties, of which 21 are owned in fee, 8 are ground leased and 15 are space leased, aggregate 1.8 million square feet and are primarily located in eight east coast states, Texas and California. Of these properties, 26 are leased or subleased to other retailers and 18 are currently vacant. All of these stores were part of the store closing program announced by Toys "R" Us in January 2006. This purchase, which is expected to close in the fourth quarter of 2006, is subject to landlords' consent, where applicable, and customary closing conditions. In the event that the conditions to closing are not met for substantially all of the properties, either party may cancel the agreement. Vornado owns a 32.9% interest in Toys "R" Us. Vornado's share of the gain recognized by Toys "R" Us on this transaction will be reflected as an adjustment to the Company's basis in this investment and will not be recorded as income. write your comments about the article :: © 2006 Construction News :: home page |