Vornado Realty Trust has said it will pay up to $190 million (€150 million) for 44 previously closed Toys “R” Us stores located along the East Coast and in Texas and California. All of the locations to be acquired were stores the chain announced it would shutter in January, on the heels of last year’s leveraged buyout.
Along with Kohlberg Kravis Roberts and Bain Capital, Vornado bought the flagging toy retailer for $6.6 billion last year. Each one of the investors holds a one-third stake in the company.
The sale of the 44 stores, which is subject to landlords’ consent, is expected to close in the fourth quarter. Twenty-six of the properties are subleased to other retailers while 18 are vacant. They comprise 1.8 million square feet of space.
At the time of the Toys “R” Us acquisition, analysts noted that Vornado’s inclusion in the consortium was a testament to the vast real estate holdings of the retailer. The company, at the time, had 1,540 stores worldwide and owned the underlying real estate at 424 of those locations.
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