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Vaughan Mills

Brookfield soon to own half of Vaughan Mills...

___________
Brookfield buys Mills Corp. for $1.3-billion (U.S.)
Globe and Mail Update, January 17, 2007

Brookfield Asset Management Inc. has agreed to buy troubled U.S. shopping mall owner Mills Corp. for $1.35-billion (U.S.) in cash.

Brookfield will pay $21 a share for Mills, which owns 38 U.S. shopping malls. The Canadian company will also pick up Mills' debt and preferred stock, raising the total value of the deal to about $7.5-billion, the companies said.

Mills, which put itself up for sale last year, said in a recent regulatory filing that it was considering seeking bankruptcy protection after accounting errors and executive misconduct resulted in the restatement of four years of financial results.

Mills will be merged into a newly-formed subsidiary of Brookfield.

Brookfield said it will provide debt financing for Mills until the merger is completed, likely in the second half of 2007.

Mills chief executive officer Mark Ordan said in a statement that the deal was done after “a very competitive process†where the company's board considered a number of alternatives.

Brookfield chief executive Bruce Flatt said “we are pleased to be able to work with The Mills Corp. to move beyond the recent issues it has encountered.†He said he looks forward to working with Mills management in “getting back to business and focusing on service excellence to attract premium tenants to this high quality retail portfolio.â€

Michael Goldberg, an analyst with Desjardins Securities, said at first blush the deal makes sense for Brookfield because the company has “a lot of expertise in the real estate area, they have a lot of expertise with troubled companies, [and] they're very well connected financially.â€
 
Actually, Brookfield soon to still not own any of Vaughan Mills.

The Mills Corporation sold their half stake in Vaughan Mills to the other half stakeholder, Ivanhoe Cambridge, in August of 2006.

42
 
Mills Corp (Including Vaughan Mills) Now Brookfield-Owned

Brookfield buys Mills Corp. for $1.3-billion (U.S.)
Globe and Mail Update

Brookfield Asset Management Inc. has agreed to buy troubled U.S. shopping mall owner Mills Corp. for $1.35-billion (U.S.) in cash.

Brookfield will pay $21 a share for Mills, which owns 38 U.S. shopping malls. The Canadian company will also pick up Mills' debt and preferred stock, raising the total value of the deal to about $7.5-billion, the companies said.

Mills, which put itself up for sale last year, said in a recent regulatory filing that it was considering seeking bankruptcy protection after accounting errors and executive misconduct resulted in the restatement of four years of financial results.

Mills will be merged into a newly-formed subsidiary of Brookfield.

Brookfield said it will provide debt financing for Mills until the merger is completed, likely in the second half of 2007.

Mills chief executive officer Mark Ordan said in a statement that the deal was done after “a very competitive process†where the company's board considered a number of alternatives.

Brookfield chief executive Bruce Flatt said “we are pleased to be able to work with The Mills Corp. to move beyond the recent issues it has encountered.†He said he looks forward to working with Mills management in “getting back to business and focusing on service excellence to attract premium tenants to this high quality retail portfolio.â€

Michael Goldberg, an analyst with Desjardins Securities, said at first blush the deal makes sense for Brookfield because the company has “a lot of expertise in the real estate area, they have a lot of expertise with troubled companies, [and] they're very well connected financially.â€
 
The Mills Corporation sold their half stake in Vaughan Mills to the other half stakeholder, Ivanhoe Cambridge, in August of 2006.
Click to expand...

So I have since read. Mills apparently unloaded everything outside the U.S.
 
Mills Corp. takeover

It was announced today that Simon Property Group Inc. and Farallon Capital, two large U.S. companies, have succeeded in their bid for Mills. They are paying $1.64 billion, significantly above the $1.35 billion that Brookfield had offered. Brookfield will get a $40 million breakup fee.

Brookfield, based in Toronto, is still one of the larger office owners in the U.S., but if they had hoped to get a strong start in the retail sector, this will be a setback for them.
 
Re: Mills Corp. takeover

Gee, I wish I'd get $40 million when things don't go my way.
 
Lego themed daycare coming to Vaughan Mills Mall

One of the world’s largest theme park operators is bringing its first Legoland Discovery Centre to Canada, investing $12-million to open the attraction in the Vaughan Mills shopping centre just north of Toronto.

Merlin Entertainments – which has 14 attractions in North America including a Legoland theme parks in Florida and California and a giant aquarium in Minneapolis’s Mall of the Americas – said it will open the indoor playground next spring.

It has plans to open two other Canadian sites in other cities, though it didn’t say where.

The centres feature play areas targeted to three to 10 year olds. There are movie screens, “brick pools,†play areas and rides. Each centre also gets a “Miniland†exhibit, which typically consists of a Lego reproduction of the city’s skyline – presumably the curators will focus on Toronto’s skyline, not Vaughan (where the highest structures aren’t found downtown, but at Canada’s Wonderland.)

“Our experience has shown that bringing together an exciting mix of retail, dining, and quality leisure attractions like the LDC, creates a whole new element to a family shopping day,†said Glenn Earlam, managing director of Merlin’s Midway Attractions Operating Group.

The mall, owned by Ivanhoe Cambridge, will lease 34,000 of space to Merlin for the attraction. Construction will start in the summer, and the “Lego models for this Vaughan Mills location will be made in Merlin’s specialist studios around the world and shipped in during the construction phase.â€

The indoor playground isn’t to be confused with Lego’s own stores, which operate in several countries. Two stores have opened in Canada within the last year, in Calgary and Toronto. There is also a Lego store in Vancouver.
 
So, this is not a Legoland, which is a full amusement park, it's a Legoland Discovery Centre, which is a glorified daycare - a place to park your kids while you shop.

42
 
hr2 by Holt Renfrew is opening its second location at Vaughan Mills, replacing Holt Renfrew Last Call: http://www.retail-insider.com/2013/01/hr2-by-holt-renfrew-opening-second.html

"Holt Renfrew's discount concept hr2 will open its second Canadian location at Toronto's Vaughan Mills Shopping Centre. It will be located at the current 'Holt Renfrew Last Call' store currently on site, and be about 28,000 square feet. Holt Renfrew Last Call will close permanently to be replaced by hr2.

Holt Renfrew Last Call will close February 2nd so renovations can begin. The new hr2 will open April 2013."
 
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