Owners of the Charleston Town Center recently completed the sale of a one-fourth stake in the downtown mall to an Australian-based investment firm.
Cleveland, Ohio-based Forest City Enterprises, Inc. announced Tuesday it closed the deal with QIC, one of the largest institutional investment firms in Australia, transitioning its ownership stake in the mall to a joint venture owned by both firms.
The Town Center transaction was part of a larger $2 billion deal announced in June to transition ownership of eight Forest City regional malls to joint ventures owned by both companies.
The portion of the deal involving the Town Center, which closed in December, was the last part of the broader deal to close.
"We're pleased to complete this final closing in our strategic capital partnership with QIC, " said David J. LaRue, Forest City's president and chief executive officer.
"This overall partnership is one of our largest such initiatives to date, and an exciting opportunity to work with an experienced global investor to enhance these already strong retail centers," LaRue said.
Prior to the deal, Forest City owned a 50 percent interest stake in the mall. Forest City will now own 51 percent of the combined joint venture, with QIC owning the remaining 49 percent.
Youngstown, Ohio-based Cafaro Co., which owned the other 50 percent stake of the mall, will continue to retain that ownership interest.
Forest City will continue to manage the day-to-day operations of the mall under the new ownership structure.