Mills Corp. Researches Sale

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ARLINGTON, VA-The Mills Corp., the shopping mall REIT specializing in large-scale retail and entertainment destinations, has called on JP Morgan and Goldman Sachs to investigate a possible sale of the company, according to published reports. In a research report, Bank of America subsidiary Banc of America Securities LLC concludes that Mills is an “unlikely acquisition candidate.” Having been in business for just over two decades Mills oversees about 51 million sf of leasable space at 42 retail properties across the country and abroad.

Despite news of JP Morgan and Goldman Sachs’ involvement, BOAS stands firm in its belief that Mills is not a good buy at the moment and would not likely command a great deal of interest. “We continue to believe that a sale of the company is not imminent for the following reasons: 2005 audited financials are not yet available; there remains uncertainty surrounding the potential liability resulting from the SEC inquiry and shareholder lawsuits; and the uncertain outlook for Meadowlands Xanadu.”