REIT Vornado starts public offering of 15 million shares at $43 a share

Vornado Realty begins public stock offering

PARAMUS, N.J. — Real estate investment trust Vornado Realty Trust, which operates office and retail properties, said Wednesday it began a public offering of 15 million common shares priced at $43 a share.

Vornado expects the sale will generate net proceeds of $617 million, which the company plans to put toward general expenses and possibly to pay down debt from acquisitions.

The REIT said it granted the underwriters the option to buy roughly up to 2.3 million additional shares within 30 days. The offering is expected to close on April 27.

Vornado owns or manages some 100 million square feet of office and retail properties, primarily in New York and the Washington, D.C., area.

Its shares fell $1.73, or about 3.7 percent, to $45.27 in trading Wednesday.