(Save the date: RealShare New York comes to the Grand Hyatt, New York, NY, October 9.)
NEW YORK CITY-After redefining its real estate strategy to sharpen its focus on core markets in Manhattan and Washington, DC earlier in the year, publicly-traded REIT Vornado Realty Trust has issued $300 million in preferred stock at a price of $25 per share, SEC filings show.
Bank of America Merrill Lynch, Citigroup, Morgan Stanley, UBS Investment Bank and Wells Fargo acted as joint book-running managers on the transaction. According to a statement from the REIT, the company will use the net proceeds for general business purposes, which includes the redemption or repurchase of outstanding preferred stock and units.
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