Simon Property Group Inc. and Farallon Capital Management LLC have finished their acquisition of Chevy Chase-based property manager The Mills Corp.
As part of the acquisition process, about 96.8 percent of shares owned by Mills investors have received a tendered offer and were accepted for payment. All outstanding shares can be converted to $25.25 in cash per share, without interest.
“The Mills portfolio of assets is an excellent strategic fit with our existing retail platforms and presents a compelling opportunity for SPG?s stockholders and Farallon investors,” David Simon, chief executive officer of SPG, said in a statement.
Assets owned by Mills include about 200 regional malls and 17 traditional properties. Together, the space totals more than 45 million square feet of leasable space.
As for the Mills Corp. itself, there will be a new office set up in the Washington area that will serve as a managing and leasing point.
