Forest City Enterprises has partnered with Madison International Realty for ownership of a portfolio of Forest City’s urban retail centers in New York. Madison International has bought a 49% stake in 15 shopping centers for an amount of $172.3 million.

Subsidiaries of Forest City will hold the remaining equity and continue to manage the properties. The portfolio, which was valued at $851.5 million after the transaction, has $499.9 million of debt connected with it.

Click here for the release from PR Newswire.