Forest City Acquires Partner's Share of Pittsburgh Regional Mall; Sells Its
Interest in Adjacent Specialty Center to Partner
CLEVELAND, April 18, 2013
CLEVELAND, April 18, 2013 /PRNewswire/ -- Forest City Enterprises, Inc. (NYSE:
FCEA and FCEB) today announced that it has completed a transaction with its
partner in two Pittsburgh-area retail centers in which it acquired 100 percent
interest in the Mall at Robinson, a regional enclosed mall, and sold its
interest in the Plaza at Robinson Town Center, an adjacent specialty/strip
center. Prior to the transaction, Forest City had approximately 72 percent
interest in the mall and 50 percent interest in the strip center. The
transaction resulted in net cash proceeds to Forest City of $7.75 million.
"This is another example of our strategy of focusing on core assets, such as
regional malls, and exiting non-core assets, including specialty retail
centers outside of the New York City metropolitan area," said David J. LaRue,
Forest City president and chief executive officer. "I want to thank our
partner, Zamagias Properties, for a long and productive working relationship
and congratulate our transaction and operations teams on this great
In addition to focusing on core retail, office and apartment assets in major
urban markets, Forest City's other key strategic drivers include building a
strong, sustaining capital structure by improving its balance sheet and debt
metrics, and pursuing operational excellence throughout the business.
About Forest City
Forest City Enterprises, Inc. is an NYSE-listed national real estate company
with $10.6 billion in total assets. The company is principally engaged in the
ownership, development, management and acquisition of commercial and
residential real estate and land throughout the United States. For more
information, visit www.forestcity.net.
SOURCE Forest City Enterprises, Inc.
Contact: Robert O'Brien, Executive Vice President - Chief Financial Officer,
216-621-6060 or Jeff Linton, Senior Vice President - Corporate Communication,
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