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

Mills generated proceeds of about $500 million beforetransaction costs, the company says in a statement, using about$400 million to pay down part of a senior term loan with GoldmanSachs Mortgage Co. It is also holding a "significant portion" ofthe remaining proceeds in escrow for foreign taxes over what isexpected to be due. Additional proceeds are being held inconnection with previously disclosed litigation with Parcelatoriade Gonzalo Chacon.

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Erika Morphy

Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.