(Ian Ritter is national online editor for GlobeSt.com/RETAIL.)
CHEVY CHASE, MD-The Mills Corp. is selling its three fullydeveloped foreign assets to Canadian mall owner Ivanhoe Cambridgefor $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 saidjust last week that costs for its Meadowland Xanadu project in EastRutherford, NJ, would total about $2 billion, $500 million morethan expected. After financial losses and accounting flaws, Millshas been up for sale.
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