Forest City Realty Trust Inc. announced Monday a deal in which QIC will buy its ownership interest in 10 regional malls, in a deal that values the malls at $3.2 billion. Forest City’s share of the malls is $1.55 billion. The sale of six of the malls, which are located in Denver, Yonkers, NY, Tampa, Fla., Pittsburgh, Palmdale, Calif. and Redondo Beach, Calif., are expected to close by the end of the year. The other four malls are located in Rancho Cucamonga, Calif., Henderson, Nev., Temecula, Calif. and Richmond, VA. As part of the deal, Forest City is transferring its retail operating platform, and most personnel, to QIC. Forest City’s stock, which was inactive in premarket trade, has rallied 22% year to date, while the SPDR Real Estate Select Sector ETF has gained 4.9% and the S&P 500 has tacked on 12.5%.
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