QIC has agreed to acquire Forest City Realty Trust’s ownership interest in 10 regional malls; in aggregate the properties are valued at $3.175 billion. The transaction will be completed in two tranches, with the transfer of interests in the first six malls expected to complete by the end of the year, subject to third-party consents.

The assets in the first tranche comprise The Shops at Northfield Stapleton in Denver; Westchester’s Ridge Hill in Yonkers, N.Y.; The Shops at Wiregrass in Tampa, Fla.; The Mall at Robinson in Pittsburgh; Antelope Valley Mall in Palmdale, Calif.; and South Bay Galleria in Redondo Beach, Calif.

In addition, QIC has an option to purchase a second tranche of four malls, which are expected to transact as the parties satisfy certain conditions: Victoria Gardens in Rancho Cucamonga, Calif.; Galleria at Sunset in Henderson, Nev.; Promenade Temecula in Temecula, Calif.; and Short Pump Town Center in Richmond, Va.

Forest City’s share of