Key Developments: Forest City Enterprises Inc (FCEa.N)

FCEa.N on New York Stock Exchange

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5 Mar 2015
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Latest Key Developments (Source: Significant Developments)

Forest City Enterprises Inc completes two non-core asset dispositions
Thursday, 4 Dec 2014 05:39pm EST 

Forest City Enterprises Inc:Says that it has completed sale of Halle Building, 409,000-square-foot office building in downtown Cleveland, and Forest Trace, a 322-unit independent senior apartment community in Lauderhill, Florida.  Full Article

Forest City Enterprises Inc completes buyout of equity partner interest in Brooklyn apartment project
Monday, 6 Oct 2014 08:30am EDT 

Forest City Enterprises Inc:Announces that it has completed the acquisition of the interest of its equity partner, the Arizona State Retirement System (ASRS), in B2 BKLYN, a 363-unit high-rise modular apartment building at Pacific Park Brooklyn.Work recently ceased on the project when the construction contractor, Skanska USA, shut down construction at the property and closed the factory being used to build the modular units.Project is now the subject of litigation between the company and Skanska.  Full Article

Forest City provides update on negotiations to sell Tower City assets
Friday, 19 Sep 2014 08:30am EDT 

Forest City Enterprises Inc:Provides an update on previously announced negotiations to sell three of remaining properties at Tower City Center in downtown Cleveland, and to joint-venture the retail component of complex.In course of finalizing negotiations, company and prospective buyer were unable to reach mutually agreeable terms, and, as result, have amicably agreed to terminate purchase and sale agreement for assets.Company intends to continue its efforts to sell or joint venture selected assets in non-core markets, as it continues to execute its strategic plan to focus on core markets, improve its balance sheet, and activate entitled development opportunities.  Full Article

Forest City Enterprises Inc and Greenland USA close on joint venture at Atlantic Yards in Brooklyn
Tuesday, 1 Jul 2014 08:00am EDT 

Forest City Enterprises Inc and Greenland USA;:Closes joint venture to develop Atlantic Yards, a 22-acre residential and commercial real estate project in Brooklyn.Says two companies had announced the execution of a definitive agreement for joint venture in mid-Dec. 2013.Joint venture covers both phase one and phase two of project - excluding Barclays Center and first residential tower, B2 BKLYN - including infrastructure, a permanent MTA rail yard, a platform above the rail yard, future residential units and future commercial high-rise development.  Full Article

Forest City Enterprises Inc completes final asset dispositions of 2013
Wednesday, 8 Jan 2014 04:09pm EST 

Forest City Enterprises Inc:Says it recently completed several asset dispositions before the end of 2013.Says it has closed the sale of Orchard Town Center, a 1,043,000-square-foot, open-air regional retail center, to Vestar Orchard Town Center, LLC, for $123.5 mln.Says the sale generated net proceeds to Forest City of about $120 mln.Says it was represented by Cushman & Wakefield in the transaction.Says the company also completed three smaller dispositions of non-core assets before the end of the year, generating total cash proceeds of about $13 mln.  Full Article

Forest City Enterprises Inc closes eighth and final joint venture with QIC for retail mall portfolio
Tuesday, 7 Jan 2014 04:05pm EST 

Forest City Enterprises Inc:Says it recently closed a joint venture for Charleston Town Center, a 892,000-square-foot regional mall in Charleston, West Virginia, with QIC, one of the institutional investment managers in Australia.Says the closing, which took place in December, is the final closing between the two companies for a portfolio of eight of Forest City's regional retail malls.Says it previously announced the closing of the other seven joint ventures in September.  Full Article

Forest City Enterprises Inc and Greenland Group sign definitive agreement for joint venture
Monday, 16 Dec 2013 09:09am EST 

Forest City Enterprises Inc and Greenland Group Co:Says they have signed a definitive agreement for a joint venture to develop Atlantic Yards, a 22-acre residential and commercial real estate project in Brooklyn.Says the joint venture, which is expected to close in 2014, would cover both phase one and phase two of the project - excluding Barclays Center and the first housing tower, B2 - including infrastructure, a permanent MTA rail yard, a platform above the rail yard and future residential units.Under the joint venture agreement, the Greenland Group would acquire 70 percent of the project and co-develop the project with Forest City, with both organizations sharing in all project costs going forward in proportion to their ownership interests.Says Greenland Group would also make a capital contribution to reimburse Forest City for certain costs incurred to date.Says Forest City, through its New York-based subsidiary, Forest City Ratner Companies (FCRC), would manage day-to-day activities on behalf of the joint venture, which would develop the project consistent with the approved master plan.  Full Article

Forest City Enterprises Inc Completes Sale Of Liberty Center Complex In Pittsburgh
Friday, 2 Aug 2013 09:00am EDT 

Forest City Enterprises Inc announced that the Company and its partner have completed the sale of the Liberty Center complex in Pittsburgh to a subsidiary of Starwood Capital Group, global private investment firm. Liberty Center includes the 27-story Federated Investors office tower and the 616-room Westin Convention Center Hotel. The gross selling price was $135 million, and the transaction generated net cash proceeds, at Forest City's share, of approximately $30 million. Prior to the transaction, the property was owned in a 50/50 partnership by Forest City and Jos. L. Muscarelle, Inc. of Maywood, New Jersey. The hotel will continue to operate as a Westin under a long-term management agreement with Starwood Hotels, which manages the hotel and is not affiliated with Starwood Capital. CBRE will manage the office building. In addition to the office building and hotel, Liberty Center includes a 25,000-square-foot retail shopping arcade and underground parking for 479 cars. An enclosed pedestrian bridge connects the hotel with the adjacent David L. Lawrence Convention Center.  Full Article

Forest City Enterprises Inc Completes Sale Of Higbee Building In Cleveland
Thursday, 1 Aug 2013 09:00am EDT 

Forest City Enterprises Inc announced that it has completed the disposition of the Higbee Building, an 815,000-square-foot office building in downtown Cleveland, to an affiliate of Rock Ohio Caesars Cleveland, which operates the Horseshoe Cleveland casino in the building. The sale price was approximately $79 million, and generated net cash proceeds to Forest City of approximately $39 million.  Full Article

Forest City Enterprises Inc Closes Offering Of $250 Million Convertible Senior Notes
Friday, 19 Jul 2013 01:01pm EDT 

Forest City Enterprises Inc announced the closing of its offering of $250 million aggregate principal amount of convertible senior notes due 2020 (the Notes). Forest City received net proceeds from the offering of approximately $242.5 million, after deducting the initial purchasers' discounts and estimated offering expenses. Forest City intends to use the net proceeds from this offering to repay the outstanding balance of its 6.500% Senior Notes due 2017, and other outstanding debt. Pending application of the net proceeds as described above, the net proceeds of this offering will be held in an escrow account and invested in short-term, investment-grade, interest-bearing securities.  Full Article

Fitch: Forest City REIT Plans to Stress IDR; Potential Catalyst for Conservatism Longer-Term

(The following statement was released by the rating agency) NEW YORK, January 26 (Fitch) Forest City Enterprises, Inc.'s (Forest City) plan to convert to a real estate investment trust (REIT) in 2016 may initially pressure its 'BB-' IDR, according to Fitch Ratings. A rating action will be conditional upon Forest City's stated efforts to reduce leverage and development exposure ahead of the conversion. Over the longer term, the conversion may be a catalyst for positive momentum on the ratings

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