The Mills Corp. may finally be at the end of its troubles. The beleaguered real estate investment trust agreed to be acquired by Brookfield Asset Management for $7.5 billion, including debt and preferred stock. Mills common stockholders will receive $21 per share.
Brookfield, a global asset manager with more than $50 billion in property in the U.S., will merge The Mills into a newly formed subsidiary. Brookfield will also assume Mills’ $1 billion loan from Goldman Sachs and provide debt financing to the REIT until the merger is complete.
The deal comes just days after several major Mills shareholders offered to infuse the company with cash. The merger was approved unanimously by the Mills Board of Directors and is subject to shareholder vote.
For complete coverage see tomorrow’s issue of WWD.