Forest City to sell $4b U.S. retail portfolio to Australian partner
U.S.-based Forest City Realty Trust plans to sell its interest in seven of its 11 regional malls worth approximately $4 billion to QIC.
The seven-property portfolio consists of Antelope Valley Mall in Palmdale, Calif.; Charleston Town Centre in Charleston, W.V.; Mall at Robinson in Pittsburgh; Shops at Northfield Stapleton in Denver; Shops at Wiregrass in Wesley Chapel, Fla.; South Bay Galleria in Redondo Beach, Calif.; and Westchester’s Ridge Hill in Yonkers, N.Y.
Forest City Realty Trust will hold on to its stakes in the remaining four malls — Victoria Gardens in Rancho Cucamonga, Calif.; Short Pump Town Center in Richmond, Va.; Galleria at Sunset in Henderson, Nev.; and Promenade in Temecula, Calif. — until it can find new apartment or office assets in core markets into which it can pour the sale proceeds.
Forest City confirmed that QIC wanted to acquire the full portfolio with four malls to be closed in the future, according to The Australian.
In a separate deal, Forest City Realty Trust is selling its New York City specialty retail portfolio to its partner, Madison International. The portfolio consists of 12 retail properties.
QIC had entered the U.S. real estate market by forming a $2.05 billion joint venture with Forest City in 2013.
