Vornado Realty Trust is reportedly targeting $1 billion with a private equity real estate fund, according to the Wall Street Journal.
The fund, Vornado Capital Partners, is expected to target retail and office properties in markets where Vornado already has a presence, including New York and Washington DC.
The report added that Vornado was making a 20 percent GP commitment to the vehicle. It will be overseen by Vornado chairman Steven Roth and president and chief executive officer Michael Fascitelli, the Journal said after seeing a presentation to investors.
The presentation said the New York-based REIT – one of the largest in the US – would seek “high quality assets at distressed prices”.
A spokeswoman for Vornado declined to comment.