UPDATE 1-Mills to pay GM unit $1 bln for stakes in 9 malls


(New throughout) NEW YORK, Aug 17 (Reuters) - Mills Corp. , a real estate investment trust, on Tuesday said it agreed to buy a 50 percent managing stake in nine regional malls from General Motors Corp.'s General Motors Asset Management Corp. unit for about $1.033 billion, before transaction costs. Mills' chief executive, Laurence Siegel, said Mills is buying the properties because of their "high quality, attractive yields and potential for increased productivity." The Arlington, ...

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