Company opts out of Charleston Town Center Mall purchase
CHARLESTON, WV (WOWK) - According to a release from Forest City Enterprises, Australian investment company QIC will not be including the Charleston Town Center mall in its acquisition of malls across the country.
QIC announced today that they would be acquiring 10 malls owned by Forest City in a $3.2 billion dollar deal, excluding the Charleston Town Center from the transaction.
The Forest City release states:
"One additional mall, Charleston Town Center in Charleston, WV, was originally part of the negotiations, but QIC subsequently made the decision not to acquire Forest City's ownership interest."
We reached out to Forest City Vice President Jeff Linton, who assured that mall operations are continuing as usual.
"The ownership structure remains as it was: Cafaro Company 50%, Forest City 26% and QIC 24%. We continue to work with the lender and our partners to determine the best approach to finance the center going forward. None of this impacts tenants, employees, visitors or shoppers, and the mall is open and operating as usual.
When asked if state or local government had offered assistance to the mall, such as restructuring its tax obligation, Linton said,
"State and local officials have always been very helpful and supportive as it relates to Charleston Town Center, and we keep them informed on a regular basis. However, the refinancing of the center is something that is being negotiated (and we expect will be resolved) between the owners and the lender."
The Charleston Town Center Mall was expected to enter loan default on September 9th, 2017.