May 19, 2017 Comments Off on Forest City’s $4B Mall Deal with QIC Set to Close Views: 2201 National News, Top National

Forest City’s $4B Mall Deal with QIC Set to Close

QIC Global Real Estate, an Australian institutional investment manager, agreed to acquire a portfolio of U.S. regional malls from Cleveland-based Forest City Realty Trust, Inc. The deal involves 11 regional malls, valued at roughly $4 billion, that will transfer from their joint-venture partnership to QIC control.

Seven of the properties are expected to close this year, with the remaining four slated for future transfer. Forest City also is also selling a stake in a smaller New York specialty retail portfolio to Madison International Realty.

The mall properties include

  1. Antelope Valley Mall, Palmdale, CA
  2. Charleston Town Center, Charleston, WV
  3. Mall at Robinson, Pittsburgh, PA
  4. Shops at Northfield Stapleton, Denver, CO
  5. Shops at Wiregrass, Wesley Chapel, FL
  6. South Bay Galleria, Redondo Beach, CA
  7. Westchester’s Ridge Hill, Yonkers, NY
  8. Galleria at Sunset, Henderson, NV*
  9. Short Pump Town Center, Richmond, VA*
  10. Promenade Temecula, Temecula, CA*
  11. Victoria Gardens, Rancho Cucamonga, CA*

QIC entered the U.S. through the formation of a $2-billion partnership with Forest City in 2013.

*Pending replacement property identification or other property in which to invest

Read more at The Australian Business Review

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