Forest City Realty Trust, Inc. (NYSE: FCEA) today announced the closing of the sale of its interest in The Mall at Robinson, a 900,000-square-foot regional mall in Pittsburgh, PA, to QIC.
The sale is the fourth mall divestiture for Forest City to close as part of a previously announced 10-mall portfolio transaction with QIC. Sales of Forest City's interest in two additional malls to QIC are expected to close in early 2018. After those sales are completed, the remaining four malls in the portfolio are expected to be transferred to QIC under a fixed-price option and to close as Forest City secures replacement assets or other opportunities into which it will redeploy its ownership stake in those malls.
"This closing furthers the mutually beneficial portfolio-level transaction with our partner, QIC," said David J. LaRue, Forest City president and chief executive officer. "The dispositions of our regional malls to QIC, and our specialty retail centers to Madison International Realty, are a key component of Forest City's strategic transformation as a focused, urban placemaker with a strong balance sheet and an exceptional portfolio of multifamily, office and mixed-use assets in great markets."
As previously disclosed, the overall transaction values the 10 regional malls at approximately $3.175 billion, or $1.55 billion at Forest City's share.
The two malls expected to transact in early 2018 are Westchester's Ridge Hill in Yonkers, NY, and The Shops at Wiregrass in Tampa, FL. The final four malls in the portfolio, which are expected to transact as Forest City secures replacement assets, are Victoria Gardens in Rancho Cucamonga, CA; Galleria at Sunset in Henderson, NV; Promenade Temecula in Temecula, CA; and Short Pump Town Centre in Richmond, VA.
About Forest City
Forest City Realty Trust, Inc. is a NYSE-listed national real estate company with $8.1 billion in consolidated assets. The Company is principally engaged in the ownership, development, management and acquisition of commercial and residential real estate throughout the United States. For more information, visit www.forestcity.net.
