Forest City considers retail asset sales
REIT launches “strategic review” of portfolio, which includes 19 NYC properties
Forest City Realty Trust is launching a “strategic review” of its retail portfolio, which could lead to asset sales, according to a report.
The Cleveland-based company owns 14 shopping malls and another 19 retail properties across the U.S. In New York City, it owns retail properties at Atlantic Yards, 234 West 42nd Street in Times Square, and 94 Court Street in Brooklyn, among others.
The company’s CEO David LaRue said in a statement to Cleveland.com that the review will likely be completed by 2017. “After careful consideration, we have made the decision to explore strategic alternatives for our retail portfolio,” he said.
The Ratner family, which took Forest City [TRDataCustom] public as a real estate investment trust in January, recently faced pressure from activist investors to give up voting control over the company amid an underperforming stock.
The Real Deal recently profiled Forest City Ratner Companies (the REIT’s New York office) and how it is adapting to life as a REIT. [Cleveland.com] – Konrad Putzier