(Ian Ritter is national online editor for GlobeSt.com/RETAIL.)
PARAMUS, NJ-Vornado Realty Trust has acquired 1.2% of McDonald's Corp.'s outstanding common shares, according to a quarterly report filed with the SEC yesterday. Vornado acquired just over 15 million shares valued at around $500 million during the quarter ended Sept. 30.
The filing follows a statement earlier this week by McDonald's CEO Joe Skinner in response to rumors that the fast food giant was going to restructure, starting a spin-off company or a REIT. "Neither would be in the best interests of our system or our shareholders."
This is not the first time Vornado has made a significant investment in an operating retail company. Last year the company paid $337 million for shares of Sears, Roebuck & Co., and since that retailer's merger with Kmart, Vornado has realized an aggregate net gain on that investment since of $146.9 million.
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