| NEW YORK, June 12
NEW YORK, June 12 Vornado Realty Trust
could sell more than $1 billion in assets this year, its chief
executive said on Tuesday.
"We have the best part of a billion dollars in aspirations to
sell by the end of the year, maybe even far more than that,"
Vornado CEO Michael Fascitelli told investors attending the
National Real Estate Investment Trusts' Investor Forum called
Vornado owns office and retail real estate chiefly in New
York City and Washington, D.C. It also holds stakes in other
companies, such as Toys R Us and J C Penney Co Inc. It
recently said it would try to simplify its business as its stock
price has trailed peers.
Vornado does not plan to sell its stake in J C Penney. It
would like to spin off Toys R Us, which it owns with Bain
Capital and KKR & Co LP, in an initial public offering.
However, that may not happen soon, given the lack of interest in
the IPO market, Chief Financial Officer Joseph Macnow said.
The company is about to market stakes it holds in three
malls: Green Acres Mall, On Long Island, of which it owns 100
percent; half ownership stake in Monmouth Mall, in Eatontown,
New Jersey; and a 32 percent stake in Kings Plaza Regional
Shopping Center in Brooklyn.
It also expects to sell about $300 million in other retail
property such as strip centers, of which it owns 123.