Arlington, Va. - In a move that will allow them to fully concentrate on their brand-named Mills projects, The Mills Corp. has divested itself of 11 community centers. The centers total approximately 2.2 million sq. ft. and are dispersed throughout the eastern half of the United States. The total revenue from the sale was just under $170 million, with Mills netting approximately $40 million from the transactions. The extra capital will be reinvested in future Mills projects.
- Earlier this year, Westfield Holdings Limited and MEPC formed a joint venture in the purchase of nine shopping centers in the United Kingdom. The joint venture includes purchasing the centers from MEPC for $2.38 billion while Westfield serves as manager and developer of the properties. The centers span 302,000 square meters within approximately 650 retail outlets.
The acquisition of thesewill be financed through non-recourse mortgage loans for roughly $1.64 billion. Westfield's share of the equity will be funded from internal resources, according to the company.