QIC acquires additional interests in 10 U.S. regional malls for $3.2b
QIC, the global diversified alternative investment firm, has plans to expand its Global Real Estate operation in the United States by acquiring additional interests of its joint venture partner, Forest City Enterprises (FCE), in 10 U.S. regional shopping malls on behalf of a QIC client. The portfolio is valued at approximately $3.17 billion.
Alongside the acquisition of interests in the regional malls, the master agreement also expands QIC’s operational presence in the United States and includes transferring the FCE retail operating platform in relation to the malls and key retail personnel to QIC.
QIC and Forest City have been in a joint venture since 2013.
“We are building off more than a decade of amassing market intelligence and understanding in the U.S. retail sector,” said Steve Leigh, managing director of Global Real Estate for QIC. “We view the U.S. real estate market and the retail sector in particular as a strong investment opportunity. We are