Forest City closes sale of Antelope Valley Mall to QIC
Forest City closed the sale of its interest in Antelope Valley Mall, a 1.2 million-square-foot regional mall in Palmdale, CA, to QIC. The sale is the third 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 three 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. The overall transaction values the 10 regional malls at approximately $3.175B, or $1.55B at Forest City's share.