WORLD PROPERTY CHANNEL ®

(NEW YORK, NY) -- It's a jungle out there and Vornado Realty Trust is aware of that financial markets fact as it bears down in its campaign to raise $1 billion to invest in distressed real estate, according to persons familiar with the company's plans.

The New York City-based REIT, which has focused on office and retail properties, isn't alone in the race to buy up properties at fire-sale prices over the next 12 months.

Vornado is one of about 50 REITs that raised a total of $15.7 billion from equity sales through June 26, according to the National Association of Real Estate Investment Trusts based in Washington, DC.

U.S. commercial real estate values fell almost 23 percent through March 31 from the peak in October 2007 as credit dried up, according to a May 18 report from Moody's Investors Service.

Vornado completed a $741.8 million stock sale in April with proceeds earmarked for cutting debt and making acquisitions. The company is the third- biggest U.S. real estate investment trust by market value.

Vornado representatives declined comment on the company's near-future investment plans. 

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