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Vornado Realty $VNO to Spin Off, Merge DC Assets With JGB in $8.4B Deal

Vornado Realty $VNO to Spin Off, Merge DC Assets With JGB in $8.4B Deal

previously announced merger between JGB and New York REIT Inc. (NYSE: NYRT), expected to create an $8.4 billion New York City and Washington, DC REIT, was terminated by mutual agreement. Vornado shareholders are expected to own 74% of the combined company, JBG limited partners are expected to own 20%, and JBG management is expected to own 6%. The combined company’s portfolio will consist of 50 office properties totaling 11.8 million square feet, 18 multifamily properties with 4,451 residential units, and 11 other properties totaling 0.7 million square feet. These assets are located in premier submarkets within the Washington, DC metropolitan area, concentrated in Downtown District of Columbia, Crystal City and Pentagon City, the Rosslyn-Ballston Corridor, Reston, and Bethesda. Following the spin-off, Vornado will be a New York-focused office and high street retail REIT that will own 18.7 million square feet of Class A Manhattan office properties in the best submarkets, the largest Manhattan high street retail portfolio, encompassing 3.1 million square feet in 72 properties, and prime franchise assets in San Francisco and Chicago. “In addition to our irreplaceable portfolio in New York City, Vornado has a fortress balance sheet, significant dividend growth potential driven by recently signed leases, and a unique value creation opportunity from our Penn Plaza holdings,” said Vornado’s Roth. Goldman, Sachs & Co. and Morgan Stanley & Co. LLC are Vornado’s exclusive financial advisors and Sullivan & Cromwell LLP and Roberts and Holland are legal advisors to Vornado in connection with the proposed transactions. BofA Merrill Lynch is the exclusive financial advisor and Hogan Lovells US LLP is the legal advisor to JBG. Steven Roth, Chairman and CEO, Vornado Realty Trust.]]>

Secretive Israeli Startup Voyager Labs Raises $100M from Major Investors

Secretive Israeli Startup Voyager Labs Raises $100M from Major Investors

Hong Kong tycoon Li Ka-shing’s Horizons Ventures, and Oracle Corp. (NYSE: ORCL) Irish subsidiary Ocapac Holding Co. Other participating investors are said to include British venture capital and private equity pioneer Sir Ronald Cohen, founder of Apax Partners, and chairman of The Portland Trust and Bridges Ventures, who is described as the “father” of British venture capital and social investment. Lloyd Dorfman, founder of London-based leading foreign exchange company Travelex Group, also reportedly invested in Voyager Labs. The startup, formerly known as Voyager Analytics, has reportedly been developing an artificial intelligence engine that combines expert systems with deep-learning algorithms, and currently has more than 90 employees mostly in Hod Hasharon, near Tel Aviv. The company has customers and use cases, and is said to be capable of extracting dynamic, real-time, and tailored insights into human behavior by analyzing massive amounts of publicly available unstructured data. “Powered by our sophisticated cognitive computing deep-insights platform, publicly available data becomes a treasure trove of information which can provide unprecedented value to businesses,” said Voyager Labs founder and CEO Avi Korenblum. “Despite the elusive nature and overwhelming proliferation of unstructured data, we can extract precise, meaningful insights from this data to benefit our customers.” Voyager Labs’ mission is to make the ever-growing richness of publicly available data accessible and usable in a smart way. The company’s cognitive computing deep-insights platform makes it possible for enterprises across a variety of market sectors to make highly accurate decisions, based on a previously untapped vault of information.]]>