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

EAST RUTHERFORD, NJ-Today’s expected closing date of construction financing for the Mills Corp.’s Meadowlands Xanadu project here is delayed until Sept. 27. Los Angeles-based Colony Capital Acquisitions and Germany’s Kan Am USA Management are providing the funds for the $2-billion retail-entertainment center.

Under the terms of the deal, Colony will invest up to $500 million in equity capital and arrange for construction financing for the rest of the projected $2-billion cost. Kan Am is Mills’ long-term financial joint-venture partner on projects around the country.

Chevy Chase, MD-based Mills’ management also says it expect to close a deal by the end of the month to sell its foreign holdings to Canada-based mall owner Ivanhoe Cambridge during or before the first week of next month. That $981-million deal involves the sale of Vaughan (Ontario) Mills; St. Enoch Centre, in Glasgow, Scotland; and Madrid (Spain) Xanadú.

Mills has been selling assets since the company came under fire last year for accounting irregularities, an SEC investigation, higher-than-projected development costs, and other issues. Since that time, the firm has put itself up for sale and let go about 160 employees.

In June, Mills, the owner of 42 centers in North America and Europe, announced that it had received “interest from a variety of parties” in acquiring the company. Most recently management said that it has started work on the construction of the 265,000-sf retail portion of 108 North State St., a mixed-use development in Chicago.

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