Vornado Realty To Exchange Redeveloped Springfield Town Center For $465 Mln

(RTTNews) - Vornado Realty Trust (VNO) announced that it has entered into an agreement to transfer upon completion, the redeveloped Springfield Town Center to Pennsylvania Real Estate Investment Trust (PEI) or PREIT in exchange for $465 million; comprised of $340 million of cash and $125 million of PREIT operating partnership units.

The 1.35 million square foot mall is located in Springfield, Fairfax County, Virginia. The redevelopment is expected to be completed in the fourth quarter of 2014. The closing will be no later than March 31, 2015.

Vornado said it will record a non-cash impairment loss of about $20 million in the first quarter of 2014.