Forest City to be acquired in mega real estate deal
Forest City, whose retail holdings include retail centers throughout New York City, is being acquired by a Brookfield real estate fund.
Brookfield Asset Management Inc. announced it will acquire all of the outstanding shares of common stock of Forest City for $25.35 per share in an all-cash transaction valued at $11.4 billion, including debt.
Forest City operates 2.2 million sq. ft. of retail space, including regional malls in key markets and specialty retail centers, primarily in New York City. The company’s portfolio also includes 6.3 million sq. ft. of office space, 18,500 multifamily units, as well as five large-scale development projects in the New York Metro area, San Francisco and Washington, D.C., along with other assets.
“Forest City has created a high-quality portfolio of operating and development assets over its 100-year history,” said Brian Kingston, CEO of Brookfield Property Group. “We look forward to creating further value in these great assets on behalf of our limited partners.”