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Vornado Realty Trust, a major commercial real estate company, could sell a significant amount of its assets during 2012, Reuters reported.
The company has much of its interests located in New York City and Washington, D.C., as well as in major retailers like J C Penny and Toys R Us. The company noted that it won't sell the J C Penny interest, but would be open to offloading the Toys R Us stake, the news source explained.
Vornado also will put Green Acres Mall - located on Long Island - on the market, as well as its interests in Monmouth Mall in Eatontown, New Jersey, and Brooklyn's Kings Plaza Regional Shopping Center.
"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," Michael Fascitelli, CEO for Vornado told the audience at the National Real Estate Investment Trusts' Investor Forum, the news source reported.
The news source added that the company aims to offload $300 million in other retail property. More than 120 strip malls are included in its retail portfolio.
