New York REIT Lands $760M Financing, Prepares to Sell Assets
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Worldwide Plaza, New York
New York—New York REIT Inc., an office and retail REIT that is planning to liquidate, has closed on $760 million in financing from Credit Suisse secured by 12 assets that will be used to repay debt, buy the remaining equity interest in Worldwide Plaza and fund the company’s dissolution.
The REIT began making plans for the liquidation in August after a planned merger with JBG Cos., a major Washington, D.C.-area landlord, fell through due to activist shareholders’ concerns. The merger, proposed in late May, had called for NYRT to acquire the majority of JBG’s properties and its management business and create a REIT with an enterprise value of $8.4 billion. JBG later found a partner in Vornado Realty Trust, which announced in November it was spinning off its D.C.-area office portfolio and merging it with JBG in a deal also valued at $8.4 billion…
New York REIT Lands $760M Financing, Prepares to Sell Assets
