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