Lawyers on Major Transactions
In a deal valued at about $5.3 billion, Rodamco North America NV, a Dutch real estate company involved in property investment in North America, announced a break-up on Sunday in which three companies will split Rodamco’s portfolio of U.S. malls. Under the terms of the agreement, Sydney, Australia-based Westfield Holdings Ltd., will pay $1.36 billion in cash and assume $936 million in Rodamco debt to acquire nine malls; Indianapolis-based Simon Property Group Inc. will pay $980 million in cash and assume $570 million in debt and preferred securities for interests in 13 malls; and Columbus, Md.-based The Rouse Company will pay $775 million in cash and assume $675 million in debt and preferred securities for interest in eight malls.
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