Vornado agrees to exchange of redeveloped Virginia mall

Following the completion of the redevelopment of Springfield (VA) Town Center, Vornado (VNO) will transfer ownership to Pennsylvania REIT (PEI) in exchange for $340M in cash and $125M of PREIT operating partnership units.

Don't call it a sale - the deal is designed as a tax-free exchange.

The redevelopment is expected to be completed in Q4, with closing no later than the end of 2015 Q1.

Vornado will record a non-cash impairment loss of about $20M this quarter.

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