New York City
Abu Dhabi Investment Authority, one of the world's largestsovereign wealth funds, plans to buy out Vornado Realty Trust's 25%stake in the midtown Manhattan office tower at 330 Madison Ave.,according to a person familiar with the matter.
The deal would give the Abu Dhabi fund, already the building'smajority holder, full ownership. Vornado on Monday said it agreedto sell its interest in the property as part of a “buy/sell processinitiated by its 75% partner at a $900 million valuation.” The NewYork company anticipates about $100 million of net proceeds afterdeducting an existing $500 million mortgage, and expects thetransaction to close in the third quarter.
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