Forest City Realty Trust and QIC have executed definitive agreements on 10 regional malls in which QIC will acquire Forest City’s ownership interest.
The sales of six of the 10 malls are expected to close by year-end as third-party consents are obtained. The remaining four malls will be transferred to QIC under a fixed-price option and are expected to close as Forest City secures replacement assets or other opportunities into which it will redeploy its ownership stake in those malls.
The transaction cost of the regional mall portfolio was approximately $3.175 billion, or $1.55 billion at Forest City’s share. The first six malls represent $1.24 billion of value, approximately $667.5 million at Forest City’s share. Forest City provided the buyer $150 million of seller financing for a period of up to 18 months from closing. Net proceeds for the first six malls, after transaction costs and seller financing, will be approximately $180 million. Th
