May 19, 2017
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
- Antelope Valley Mall, Palmdale, CA
- Charleston Town Center, Charleston, WV
- Mall at Robinson, Pittsburgh, PA
- Shops at Northfield Stapleton, Denver, CO
- Shops at Wiregrass, Wesley Chapel, FL
- South Bay Galleria, Redondo Beach, CA
- Westchester’s Ridge Hill, Yonkers, NY
- Galleria at Sunset, Henderson, NV*
- Short Pump Town Center, Richmond, VA*
- Promenade Temecula, Temecula, CA*
- 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
For comments, questions or concerns, please contact Dennis Kaiser