Monday, August 14, 2006

fire sale / notverkauf bei mills

hängt mit diesen meldungen zusammen. bin gesapnnt wie sich das auf das problemobjekt in new jersey mit kanam auswirkt. ein bißchen luft dürfe dieser deal wohl erstmal geben.

The Mills Signs Binding Letter of Intent to Sell Its Interest in Vaughan Mills, St. Enoch Centre and Madrid Xanadu

Agreement is First Implementation in the Mills' Strategic Alternatives Initiative
Net Proceeds Total Approximately $500 Million

CHEVY CHASE, Md.--(BUSINESS WIRE)--Aug. 14, 2006--The Mills Corporation (NYSE:MLS - News) announced today that it has signed a binding letter of intent to sell its interest in Vaughan Mills (Ontario, Canada), St. Enoch Centre (Glasgow, Scotland) and Madrid Xanadu (Madrid, Spain) to Ivanhoe Cambridge, Inc. for approximately US$981 million, before transaction costs.

The agreement, which is subject to final approval of both firms' boards of directors and other conditions, could close as soon as Aug. 31, 2006 for St. Enoch Centre and Vaughan Mills, and as soon as Sept. 30, 2006 for Madrid Xanadu.

The Mills and Ivanhoe each currently own 50% of Vaughan Mills and St. Enoch Centre. Madrid Xanadu is wholly owned by The Mills. Madrid Xanadu opened in May 2003, Vaughan Mills opened in November 2004, and St. Enoch Centre was jointly acquired by The Mills and Ivanhoe Cambridge in February 2005. The Company expects to realize net proceeds of approximately $500 million after paying its proportionate share of costs associated with the projects and the transfer of assets (including amounts to complete ongoing work at Vaughan Mills and Madrid Xanadu) and less assumed debt. The transaction values the three centers at approximately $1.5 billion.

The 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. The consent of lenders under the Senior Term Loan is required to close the sale and The Mills is in the process of seeking such consent.

plus von marketwatch:

NEW YORK (MarketWatch) -- Mall owner Mills Corp. (MLS :
The Mills Corporation

MLS15.91, -6.68, -29.6%) said Monday it would sell for $981 million its interests in Vaughan Mills in Canada, St. Enoch Centre in Scotland and Madrid Xanadu in Spain. The agreement marks its first implementation in the Chevy Chase, Md. firm's strategic alternatives initiative. The buyer is Ivanhoe Cambridge, Inc. Proceeds of the deal will total about $500 million, the company said. The Mills plans to apply proceeds from the sale to pay down a portion of its senior term loan with Goldman Sachs Mortgage Company (GS :
The Goldman Sachs Group, Inc.



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11:06 PM  

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