Vornado contemplates floating own private equity fund

According to a report published in the Wall Street Journal, Vornado Realty Trust (VNO), a real estate investment trust (REIT), is considering plans to create its own private equity fund. The company intends to float the fund to acquire bargain-basement properties, primarily in the markets where it already has a presence.

Based in New York, Vornado acquires, owns, and leases office properties, retail space, and temperature-controlled logistics and refrigerated warehouses. The company owns and manages approximately 100 million square feet of real estate (including pro-rata share of partially owned properties and joint-ventures).

Geographically, Vornado has over 34 million square feet of office space in New York and DC, 22.2 million square feet of retail space in 21 states in the US and Puerto Rico, and 8.9 million square feet of Merchandise Mart space. Besides its properties, the company also has investments in other REITs, industrial