The overall transaction values the portfolio at a total of
"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
Forest City plans to use a majority of the liquidity from the transaction to reduce debt, but also expects to use a portion to fund expansion, renovation and other reinvestment initiatives at a number of the malls.
The eight properties being joint ventured are
About Forest City
Safe Harbor Language
Statements made in this news release that state the company's or its management's intentions, hopes, beliefs, expectations or predictions of the future are forward-looking statements. The company's actual results could differ materially from those expressed or implied in such forward-looking statements due to various risks, uncertainties and other factors. Risks and factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, the impact of current lending and capital market conditions on its liquidity, ability to finance or refinance projects and repay its debt, the impact of the current economic environment on its ownership, development and management of its real estate portfolio, general real estate investment and development risks, vacancies in its properties, the strategic decision to reposition or divest portions of the company's land business, further downturns in the housing market, competition, illiquidity of real estate investments, bankruptcy or defaults of tenants, anchor store consolidations or closings, international activities, the impact of terrorist acts, risks associated with an investment in a professional sports team, its substantial debt leverage and the ability to obtain and service debt, the impact of restrictions imposed by its credit facility and senior debt, exposure to hedging agreements, the level and volatility of interest rates, the continued availability of tax-exempt government financing, the impact of credit rating downgrades, effects of uninsured or underinsured losses, effects of a downgrade or failure of its insurance carriers, environmental liabilities, conflicts of interest, risks associated with the sale of tax credits, risks associated with developing and managing properties in partnership with others, the ability to maintain effective internal controls, compliance with governmental regulations, increased legislative and regulatory scrutiny of the financial services industry, volatility in the market price of its publicly traded securities, inflation risks, litigation risks, cybersecurity risks and cyber incidents, as well as other risks listed from time to time in the company's
AT THE COMPANY: Robert O'Brien, Executive Vice President - Chief Financial Officer, 216-621-6060; Jeff Linton, Senior Vice President - Corporate Communication, 216-621-6060