Mills, KanAm Sell Stake in Ontario Mall
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Mills Corp., a developer and manager of shopping malls, and real estate investor KanAm agreed to sell a 50% stake in an Ontario shopping mall to a JP Morgan Fleming Asset Management fund for about $243 million.
KanAm will sell its entire 35% stake in Ontario Mills, while Mills Corp. will sell a 15% interest, Arlington, Va.-based Mills said. The transaction, which includes the fund’s assumption of $73 million in debt, probably will be completed later this month, Mills said.
Mills shares rose 44 cents to $46.50 on the NYSE.
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