All outstanding common shares of the Mills were converted into the right to receive $25.25 per share in cash, a number previously reported by GlobeSt.com.Although it has its share of financial and regulatory issues, Mills has been a much sought after company given its extensive asset base. Its portfolio consists of 20 regional malls and 17 traditional Mills properties totaling more than 45 million sf of gross leasable space. A typical Mills property, which is a combination of traditional mall, outlet center, big box retailers and entertainment uses, could have as much as one million sf of gross leasable area.

With the acquisition complete, SPG has assumed management responsibilities for the Mills portfolio. "We believe that our significant experience operating both regional malls and outlet centers, substantial resources, previous ownership interest in certain Mills properties and history of successful acquisitions, together with Farallon's financial resources and expertise, will allow us to improve the performance of these assets," says David Simon, CEO of SPG, in a statement.

SPG plans to integrate the management and administrative functions of the regional malls into its existing 172 regional mall portfolio. The 17 traditional properties will operate as a separate retail real estate platform that will be directed by J. Scott Mumphrey, an SPG executive vice president and 27-year company veteran. It will be managed and leased from Washington, DC with administrative support functions maintained in SPG's corporate headquarters.