December 22, 2004
Willkie client The Mills Corporation announces joint venture to acquire St. Enoch Centre in Glasgow, Scotland for $525.5 million and an agreement to sell a 50 percent joint-venture interest in its Del Amo Fashion Center for $244.5 million.
On December 22, Willkie client The Mills Corporation announced a 50-50 joint venture between affiliates of Mills and affiliates of Ivanhoe Cambridge to acquire St. Enoch Centre in Glasgow, Scotland from Deka Immobilien Investment for $525.5 million. Mills will manage the shopping center for the venture and will receive customary development, leasing and management fees. St. Enoch Centre comprises approximately 715,000 square feet of retail space and is 98.6% occupied. Potential expansion and development opportunities are being explored. In a separate transaction announced on December 20, The Mills Corporation agreed to sell a 50 percent joint-venture interest in its Del Amo Fashion Center to JPMorgan Fleming Asset Management for $244.5 million, including a share of the venture’s debt. Del Amo is one of the largest malls in the country with about 2.1 million square feet of gross leasable space, including 785,000 square feet of anchor-owned space. Eugene Pinover and Steven Klein respectively served as lead partners on these deals.