According to reports in the online version of the Wall Street Journal, one of the largest real-estate investment trusts in the US is seeking to raise $1 billion to invest in commercial properties.
Vornado Realty Trust, one of the biggest real-estate investment trusts in the U.S., says, it would seek "high quality assets at distressed prices."
Vornado is already a major commercial landlord in East Coast markets, most notably New York and Washington DC.
The reports come less than a week after Blackstone Group (BX) said it had finished raising $4.3 billion, for its Blackstone Real Estate Partners Europe III fund. (“BREP Europe III”)
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