US asset manager Brookfield Asset Management has bought Mills Corporation in an $8.8bn (£4.46m) deal.
Following this morning’s offers from Mills shareholders Farallon Partners and Gazit-Globe to recapitalise, Brookfield has agreed to pay $21 (£10.65) per share for the shopping centre REIT.
The deal values the company, which will merge into a newly formed subsidiary of Brookfield, at around $1.35bn (£0.69bn) and assumes debt of around $7.5bn (£3.8bn).
Under the terms of the agreement, existing shareholders will be able to receive $21 (£10.65) or a mixture of cash and shares in the new company.
Limited partnership unit holders will be offered a similar deal to shareholders.
Brookfield has also agreed to assume the company’s $1bn (£0.5bn) loan from Goldman Sachs Mortgage Company and provide $500m (£253.6m) further credit.
