Forest City Enterprises, is a national real estate company with $10.7 billion in total assets, announced this week that it has completed and partly closed its joint ventures with QIC Global Real Estate, the real estate arm of Australia-based Queensland Investment Corp., to recapitalize and invest in a portfolio of eight of Forest City's regional retail malls. According to a GlobeSt.com report, the deal brings QIC GRE a 49% equity interest in the properties at a cost of $435.6 million, with the portfolio valued at $2.05 billion.
"This strategic capital partnership with QIC is our largest such initiative to date, and an exciting opportunity to work with an experienced global investor to enhance these already strong retail centers," said David LaRue, Forest City president and chief executive officer. "We look forward to building a mutually beneficial, long-term relationship that creates value for both of our organizations."
"The US portfolio clearly has the scope to be a very large presence for us," said QIC Global Real Estate managing director Steve Leigh in an interview with The Australian. "US retail sales are growing by about 7% per annum compared with Australia where it is essentially flat - zero to 1%,. In regional malls - the type of malls we would invest in - there is a universe of around 1200 in the US, and they trade more frequently."
The eight properties being joint ventured are Victoria Gardens in Rancho Cucamonga, California, Charleston Town Center in Charleston, West Virginia, Mall at Robinson near Pittsburgh, Pennsylvania, Promenade in Temecula, California, Galleria at Sunset in Henderson, Nevada, Antelope Valley Mall in Palmdale, California, Short Pump Town Center in Richmond, Virginia, and South Bay Galleria in Redondo Beach, California.
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