Vornado Announces Agreement to Sell Americold for $220 Million, Resulting in $110...

Vornado Announces Agreement to Sell Americold for $220 Million, Resulting in $110 Million Gain

PARAMUS, N.J.--(Business Wire)--
VORNADO REALTY TRUST (NYSE:VNO) today announced that it has
entered into an agreement to sell its entire interest in Americold
Realty Trust ("AmeriCold") to The Yucaipa Companies ("Yucaipa").
Vornado will receive net proceeds of approximately $220 million
resulting in a gain of approximately $110 million. The sales price is
based on a $1.52 billion valuation before debt and other obligations.
Morgan Stanley Real Estate ("MSRE") has also agreed to sell its
interest in AmeriCold to Yucaipa which will then own 100% of
AmeriCold.

The sale, which is subject to customary closing conditions and
adjustments, is expected to close imminently. Citi and Morgan Stanley
advised Vornado and MSRE on this transaction.

Vornado Realty Trust is a fully integrated equity real estate
investment trust.

Certain statements contained herein may constitute
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. Such forward-looking
statements involve known and unknown risks, uncertainties and other
factors which may cause the actual results, performance or
achievements of the Company to be materially different from any future
results, performance or achievements expressed or implied by such
forward-looking statements. Such factors include, among others, risks
associated with the timing of and costs associated with property
improvements, financing commitments and general competitive factors.

Vornado Realty Trust
Joseph Macnow, 201-587-1000

Copyright Business Wire 2008