Brookfield Place, the Financial District, New York CityNEW YORK CITY—Brookfield Asset Management and Forest City Realty Trust have entered into an agreement under which Brookfield 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. The equity value of the property is $6.8 billion. The deal is expected to close in Q4 2018.
The Forest City portfolio includes 18,500 multifamily units, 6.3 million square feet of office space, 2.3 million square feet of life science assets primarily in Cambridge, MA, and 2.2 million square feet of retail space. Five large-scale development projects in the New York metro area, San Francisco and Washington, DC are also within the portfolio.
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Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
