Mills (NYSE:MLS)
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Closing Date of The Mills' Sale of Vaughan Mills, St. Enoch Centre and
Madrid Xanadu to Ivanhoe Cambridge Extended to on or before the First
Week of October 2006
The Mills Corporation (NYSE:MLS) announced today that it has
extended the closing date on its previously announced Meadowlands
Xanadu-related transaction with Colony Capital Acquisitions, LLC and
Kan Am USA Management XXII Limited Partnership to Wednesday, September
27th.
Under the Meadowlands Xanadu transaction, Colony would arrange for
construction financing for the development project and make a
significant equity infusion into the joint venture for the project,
located in Northern New Jersey. The New Jersey Sports and Exposition
Authority board of directors unanimously approved the transfer of
control of Meadowlands Xanadu to Colony.
The Mills also announced that it has extended the closing date of
the previously announced sale of its interests in three international
operating properties to Ivanhoe Cambridge. The parties now anticipate
the closing for all three to occur on or before the first week of
October 2006, subject to the completion of due diligence and the
satisfaction of various other closing conditions, including the
satisfactory resolution of the flow and disbursement of funds from the
sale of Mills' interest in Madrid Xanadu in light of the lawsuit filed
in 2005 by Parcelatoria de Gonzalo Chacon, the company's former joint
venture partner in that project. The lawsuit seeks additional
compensation for the 2004 buy-out by Mills of PGC's interests in
Madrid Xanadu. This transaction has been approved by The Mills' and
Ivanhoe Cambridge's boards of directors.
About The Mills Corporation
The Mills Corporation, based in Chevy Chase, MD, is a developer,
owner and manager of a diversified global portfolio of retail
destinations including regional shopping malls, market dominant retail
and entertainment centers, and international retail and leisure
destinations. It currently owns 42 properties in the U.S., Canada and
Europe, totaling 51 million square feet. In addition, The Mills has
various projects in development, redevelopment or under construction.
The Mills is traded on the New York Stock Exchange under the ticker:
MLS. For more information, visit the Company's website at
www.themills.com.
About Colony Capital
Founded in 1991 by Chairman and Chief Executive Officer Thomas J.
Barrack Jr., Colony is a private, international investment firm
focusing primarily on real estate-related assets, securities and
operating companies. The firm has invested approximately $20 billion
in over 8,000 assets through various corporate, portfolio and complex
property transactions. Colony has a staff of more than 160 and is
headquartered in Los Angeles, with offices in Beirut, Boston, Hawaii,
Hong Kong, London, Madrid, New York, Paris, Rome, Seoul, Shanghai,
Taipei, and Tokyo. For more information, visit www.colonyinc.com.
About Kan Am
Kan Am is one of Germany's leading private syndicators and asset
managers of international real estate investments. Since its inception
in 1978 the group has invested and managed a portfolio valued at
approximately $10 billion in the US and Europe on behalf of private
and institutional investors through publicly offered real estate funds
and private placements. Since 1994, Kan Am has invested approximately
$1 billion in equity in various projects with The Mills. Kan Am
currently has three representatives on The Mills' Board of Directors:
James Braithwaite, Dietrich von Boetticher and Franz von Perfall.
Ivanhoe Cambridge
Ivanhoe Cambridge is a recognized leader in the Canadian real
estate industry. It is one of the country's pre-eminent property
owners, managers, developers and investors. The Company focuses on
high-quality shopping centres located in urban areas. Beyond its
strong Canada-wide presence, the Company is also active in the United
States, Asia and Europe - where it partners with prominent real estate
entities. Its real estate portfolio consists of more than 43.2 million
square feet of retail space and includes over 65 regional and
super-regional shopping centres. As at December 31, 2005, the market
value of Ivanhoe Cambridge's assets reached CAD $9.3 billion.
Headquartered in Montreal, Quebec, Canada, Ivanhoe Cambridge is a
principal real estate subsidiary of the Caisse de depot et placement
du Quebec, the largest institutional fund manager in Canada. Amongst
its shareholders, the Company also counts four prominent Canadian
pension funds. The Company's Internet address is
www.ivanhoecambridge.com.
Statements in this press release that are not historical -
including, among other things, as to The Mills' completion of the
transaction with Colony and Kan Am relating to The Mills' Meadowlands
development project and the completion of the transaction with Ivanhoe
Cambridge relating to Vaughan Mills, St. Enoch Centre and Madrid
Xanadu, on the expected terms or in the expected time frames or at all
or the financial implications of such transactions - may be deemed
forward-looking statements within the meaning of the federal
securities laws. Although The Mills believes the expectations
reflected in any forward-looking statements are based on reasonable
assumptions, The Mills can give no assurance that its expectations
will be attained and it is possible that our actual circumstances and
results may differ materially from those indicated by these
forward-looking statements due to a variety of risks and
uncertainties, including, but not limited to, The Mills' ability to
satisfy the conditions to closing these transactions. The Mills
undertakes no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise. The reader is directed to The Mills'
various filings with the SEC, including quarterly reports on Form
10-Q, reports on Form 8-K and its annual reports on Form 10-K, for a
discussion of such risks and uncertainties.