Cafaro, of Youngstown, Ohio, will still own its portion of the Charleston mall while its existing partner will continue to manage daily operations, Linton said.
The partnership connects Forest City with a major global investor that is expanding its footprint in the U.S., Linton said.
Steven Leigh, managing director of QIC Global Real Estates, said the investment firm is "pleased" to partner with Forest City in an effort that is a "natural progression" for the Australian company.
"The joint venture with Forest City Enterprises for investment in the portfolio of eight, high-quality retail assets represents a significant opportunity for QIC to further expand into the United States with a successful retail operator and is part of our long-term investment strategy," Leigh said in a news release.
Forest City plans to raise money through the agreement to renovate and expand four malls, pay off debt and invest in other improvements.
The four malls the company plans to renovate with its new assets are: Galleria at Sunset in Henderson, Nev.; Antelop Valley Mall in Palmdale, Calif.; Short Pump Town Center in Richmond, Va.; and South Bay Galleria in Redondo Beach, Calif.
Forest City spent $7 million to completely overhaul the Charleston Town Center's flooring, railing and other facilities last year as part of its 30-year anniversary.
Linton said the transaction will not have an effect on Town Center shoppers.
The deal between Forest City and QIC is expected to close by fall.
Reach Megan Workman at megan.work...@wvgazette.com or 304-348-5113.