SPRINGFIELD, VA—Vornado Realty Trust has completed the transfer of the redeveloped Springfield Town Center, to Pennsylvania Real Estate Investment Trust for $465 million.
The payment will be comprised of $340 million of cash and 6,250,000 PREIT operating partnership units, granted at $20 per unit. $19 million of tenant improvements and allowances Vornado was responsible for has been treated as a closing adjustment.
The exchange will result in a financial statement gain of approximately $7.1 million in the first quarter of 2015.
The REIT plans to now start on a next phase of redeveloping the property's 80 acres. Those plans include 3.3 million square feet of office, residential, hotel and additional retail.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
