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Article: City Center devalued by owner.
- Article from:
- The Columbus Dispatch (Columbus, OH)
- Article date:
- August 25, 2006
CopyrightCOPYRIGHT 2006 The Columbus Dispatch. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Jeffrey Sheban
Aug. 25--Columbus City Center's lead owner has designated the Downtown property "impaired" and is writing off $6 million to reflect its declining value.
Mills Corp., which bought controlling stakes in City Center and the Mall at Tuttle Crossing in October 2004, revealed the move in a Securities and Exchange Commission filing this month.
"Mills believes the investment in the Columbus City Center ... is impaired and it is expected that a write-down of approximately $6 million ... will be recorded in the fourth quarter of 2005," the suburban Washington-based company said in the filing.
Spokesman David Douglass said ...