QIC And Forest City Near Completion Of $4B Retail Portfolio Trade-Off

mall, shopping center, shoppers

Sydney-based QIC Global Real Estate and Cleveland's Forest City Realty Trust are nearing completion of a deal announced in February to transfer control of a $4B retail portfolio from Forest City to QIC.

Currently jointly owned, the portfolio includes 11 regional malls spread from West Virginia to California, and under the deal’s terms QIC will buy the entirety of Forest’s stake in the portfolio, CoStar reports. Forest City CEO and president David LaRue said his company will sell its interest to QIC in seven of the 11 properties. As for the remaining four, Forest will exchange its interest for stakes in core office or apartment assets.

Forest City said the deal’s pricing and structure have not changed since February, and said the pending transaction reflects an average 5% cap rate on the portfolio’s 2016 $110M net operating income.

CORRECTION, NOV. 13, 10:40 A.M. ET: A previous version of this story incorrectly listed the headquarters of Forest City Realty Trust. The firm is based in Cleveland, Ohio. The story has been updated.  

Continue reading this story with a free account

Log in or register
Sign up for more articles like this
Subscribe to Bisnow's National Newsletters
Related Stories

Wall Street Impatient For Big Tech Returns On Data Center Spending

As AI Adoption Ramps Up, Half A Million Property Managers Are In The Crosshairs

Treasuries Hover Around 4.7% As Wall Street Questions If Warsh Is A 'Dove In Hawk's Clothing'

Avison Young Had Assets Frozen By Bank Over Unpaid Taxes

Philly Retail Momentum Spills From Rittenhouse Into Northern Liberties

Camden Property Trust Sells West Coast Portfolio, Clears $1.5B Target

Churchill Downs Plans To Sell 9 Casinos, Focus On Horse Racing

Bringing Stability And Savings To CRE Insurance Through Working Layer

More Hotel Owners In Need Of Cash Are Getting It From The Big Brands

Forget Buildings, Retailers Are Leasing Environments

Former Arms Dealer Targeting Heartland Apartment Takeover Files For Bankruptcy

SEC Charges REIT, Its Founders With Alleged $152M Fraud Scheme