Firm buys stake in nine malls

Tuesday, Aug. 17, 2004 | 10:48 a.m.

ARLINGTON, Va. -- Mall developer The Mills Corp. will acquire a 50 percent interest in nine malls, including one in Reno, from General Motors Asset Management Corp., a unit of General Motors Corp., for about $1.03 billion before transaction costs.

Arlington-based Mills, a real-estate investment trust, today said it is purchasing the 50 percent stake "because of their high quality, attractive yields and potential for increased productivity."

Among the properties is the 900,000-square-foot Meadowood Mall in Reno.

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