Vornado Spinning Off Strip Shopping Centers, Malls into Separate REIT

Vornado Realty Trust (NYSE: VNO) said April 11 that it plans to simplify its business model by spinning off 81 strip shopping centers and four malls into a new stock exchange-listed REIT currently known as “SpinCo.”

“We seek a very clean exit from the retail business… it’s all very, very logical… we are in the business of focusing,” said Steven Roth, chairman and CEO of Vornado, during an April 14 conference call.

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