Mills Selling Foreign Assets

(Ian Ritter is national online editor for GlobeSt.com/RETAIL.)

CHEVY CHASE, MD-The Mills Corp. is selling its three fully developed foreign assets to Canadian mall owner Ivanhoe Cambridge for $981 million. The centers are Vaughan Mills, in Ontario, Canada; St. Enoch Centre, in Glasgow, Scotland; and Madrid (Spain) Xanadu.

The deal comes as Mills is in need of cash, as management said just last week that costs for its Meadowland Xanadu project in East Rutherford, NJ, would total about $2 billion, $500 million more than expected. After financial losses and accounting flaws, Mills has been up for sale.