Under the deal QIC Global Real Estate will acquire a 49 per cent equity interest at US$435.6 million.
QIC said the acquisition and joint venture will provide it with access to “premium quality, scarce offshore assets that meet the global real estate needs of institutional clients”.
Managing director of QIC Global Real Estate Steven Leigh said the group was pleased with the partnership with Forest City, which it described as a “highly experienced, long-term investor in prime real estate throughout the United States”.
Forest City will be the managing member of the individual joint ventures and will continue to be responsible for leasing, operations, marketing, financing, development services and asset management of the properties, QIC stated.
“Expansion into the United States retail sector is a natural progression and comes after extensive investigation of the real estate market,” Mr Leigh said.
“Forest City is a strong equity and operational partner for QIC because of their complementary skills.”
QIC said it will continue to develop its offshore capability, and its current global property portfolio comprises over $10 billion in assets.
