The struggling US shopping centre developer has sold its 50% interest in the St Enoch Centre in Glasgow
The sale of the Glasgow shopping centre is one of three sales totalling $981m (£520m) that Mills has been forced to carry out in a bid to improve cash-flow and offset escalating costs in its European development portfolio.
Mills has also agreed to sell its interests in the Vaughan Mills shopping centre in Ontario, Canada and the Madrid Xanadu to the Canadian retail investor. The London office of global law firm Paul Hastings is acting for Ivanhoe Cambridge.
Mills’ shares began to tumble a year ago when it was became clear the company was being investigated by the Securities and Exchange Commission for accounting irregularities. Since then, the company has also had deal with the departure of key members of staff, a 60% dividend cut and the cancellation of a number of eagerly-anticipated development projects.
News of the forced sales comes the day after Mills parted company with its president Mark Ettenger.