The Mills Corporation, a self-managed real estate investment trust based in Arlington, Va., signed the agreement with General Motors Asset Management Corporation (GMAM) to buy a 50% Managing Member LLC interest in nine regional mall properties of GMAM.
Financing of the purchase is to be carried out through the assumption of $170 million of existing property debt and $377 million from new mortgages on Briarwood, Meadowood, Stoneridge and The Falls.
The transaction is expected to close on or before October 15, 2004.
To date, the Mills Corporation has eight projects under construction or development around the world.