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Mills Finalizes $988M Ivanhoe Cambridge Deal

CHEVY CHASE, MD-The transaction centers on three foreign-based assets, Canada's Vaughan Mills, Scotland's St. Enoch Centre and Madrid Xanadu.

By Erika Morphy | Updated on October 06, 2006

(For more retail coverage, click GlobeSt.com/RETAIL.)

CHEVY CHASE, MD-Mills Corp. has completed the sale of its interests in its three foreign assets–Vaughan Mills in Ontario, Canada, St. Enoch Centre in Glasgow, Scotland and Madrid Xanadu in Spain–to Ivanhoe Cambridge Inc. for about $988 million.

Mills generated proceeds of about $500 million before transaction costs, the company says in a statement, using about $400 million to pay down part of a senior term loan with Goldman Sachs Mortgage Co. It is also holding a “significant portion” of the remaining proceeds in escrow for foreign taxes over what is expected to be due. Additional proceeds are being held in connection with previously disclosed litigation with Parcelatoria de Gonzalo Chacon.

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