August 16, 2006
The Mills Corporation announces signing of binding letter of intent to sell its interest in three retail malls to Ivanhoe Cambridge, Inc.
On August 14, Willkie client The Mills Corporation announced that it has signed a binding letter of intent to sell its interest in three retail malls -- Vaughan Mills (Ontario, Canada), St. Enoch Centre (Glasgow, Scotland) and Madrid Xanadú (Madrid, Spain) -- to Ivanhoe Cambridge, Inc. for approximately $981 million. Mills and Ivanhoe each currently own 50% of Vaughan Mills and St. Enoch Centre while Madrid Xanadú is wholly owned by Mills. Mills plans to apply proceeds from the sale to pay down a portion of its Senior Term Loan with Goldman Sachs Mortgage Company as Administrative Agent. Based in Chevy Chase, MD, The Mills Corporation is a developer, owner and manager of a diversified global portfolio of retail destinations. It currently owns 42 properties in the U.S., Canada and Europe, totaling 51 million square feet. The transaction was handled by partners Eugene Pinover, and Douglas Ulene; and associates Thomas Henry and Mal Serure.