Laurence Siegel, Mills' CEO, says his company is targeting two countries for projects in the continent but would not specify which ones they are. Mills executives could reveal the markets by the end of the year, he says.

When Mills does decide to enter Asia, the company will likely take the same tact it has in Canada and Europe, where it formed partnerships with local developers. Outside of Toronto, for example, Mills opened the 1.1 million-sf Vaughan Mills last year with Canadian mall owner Ivanhoe Cambridge.

Mills and Ivanhoe Cambridge are looking at sites in Calgary and Montreal. In Europe, the REIT is looking at sites in Italy and Spain. On that continent, the company owns Madrid (Spain) Xanadu, St. Enoch Centre, in Glasgow, Scotland; and is building a center in Rome called Mercati Generali.