NEW YORK CITY-Forest City Ratner's plans for new projects in the New York area could receive an injection of new capital thanks to a retail portfolio sale by its Cleveland-based parent.
Forest City Enterprises has agreed to sell a 49% stake in eight shopping malls across the country for approximately $425 million to Australia-based QIC, according to Crain's New York Business. Among the more notable properties involved in the transaction are the South Bay Galleria in Redondo Beach, CA and the Mall at Robinson outside Pittsburgh.
The deal is expected to generate approximately $330 million for Forest City Enterprises to reinvest elsewhere.
"Cash freed up here can be dedicated to growing Forest City Ratner's pipeline of projects in New York," a source close to the company told the newspaper. See story in Crain's New York Business.
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