May 26, 2024
Doyle's Guide

HSF advises QIC Real Estate on $2 billion property JV

Michael Back, Herbert Smith Freehills
Michael Back, Herbert Smith Freehills

Herbert Smith Freehills has advised QIC Global Real Estate on its acquisition of a 49% equity interest in eight US regional shopping malls currently owned by US-based Forest City Enterprises.

Under the agreement, QIC Global Real Estate will form a joint venture with Forest City Enterprises for investment in a portfolio of eight, high-quality retail assets which are valued at $2.05 billion. Forest City Enterprises will be the managing member of the joint venture, and will continue to deliver leasing, operations, marketing, financing, and development services and asset management for the retail assets.

The Herbert Smith Freehills team was led by Michael Back, Partner, and David Stitt, Consultant, and included Alanna Bolger, Senior Associate, and Will Brennan, Solicitor.

Herbert Smith Freehills partner Michael Back said, ‘The Forest City deal is QIC’s first direct property investment in the US and marks the establishment of their US platform. It was an extremely complex transaction and we had the benefit of working closely with the QIC Global Real Estate teams both in Brisbane and Los Angeles and with local counsel, Skadden, out of their Los Angeles office.’

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