Australia’s QIC enters US retail property market
Australian institutional investment manager QIC has made its first direct investment into the US property market after taking a position in eight regional retail malls worth $2.05 billion. QIC’s global real estate division will put in $435.6 million ($425 million) for a 49% equity stake, enabling Forest City Enterprises to recapitalize its portfolio.
Forest City, a New York-listed real estate company with $10.6 billion in assets, will retain responsibility for leasing, financing and managing assets controlled by the new joint venture. The $2.05 billion...
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