P.M. BRIEFING : Campeau Seeks to Unload Malls
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From Times wire services
TORONTO — Campeau Corp.’s partial ownership of five shopping malls in Massachusetts, New Jersey and Washington state are a key element in restructuring the debt-ridden company, reports indicated today.
Campeau is said to be negotiating the sale of its 50% interest in the malls, which are part of the assets of New York-based Allied Stores Corp. that Campeau acquired in 1986 for $3.5 billion.
The properties include Northshore Mall in Peabody, Mass., Bergen Mall in Paramus, N.J., and in Washington state, Columbia Shopping Center in Kennewick, Tacoma Mall in Tacoma and Northgate Mall in Seattle.
