Westfield Group sold to French property giant Unibail-Rodamco

Westfield London built at a cost of £1.6 billion became the largest covered shopping centre in the capital on opening in 2008

Westfield (ASX:WFD) is selling its business to French property giant Unibail-Rodamco for $32.74 billion (US$24.7billion).

Meanwhile, Unibail-Rodamco boss Christophe Cuvillier said the deal will create significant value for shareholders. In the Los Angeles area, it has the newly renovated Century City mall, as well as its Culver City, Topanga & the Village, Fashion Square in Sherman Oaks, and Santa Anita malls. The company also is developing malls in Brussels and in Hamburg, Germany.

Westfield separated its operation in Australia and New Zealand from that in the USA and Europe in 2014.

Unibail-Rodamco owns and operates 69 shopping centers in some of Europe's key cities, including Paris, Madrid, Stockholm, Amsterdam and Munich, Germany.

The deal is part of a wave of takeovers and acquisitions in the retail property industry as sales decline.

The sale of Westfield follows retail real estate investment trust GGP Inc.'s rejection of a $14.8 billion offer from Brookfield Property for the two-thirds it did not already own.

Unibail will acquire Westfield for $7.55 per share, a 18 percent premium over Westfield's closing price on Monday.




Westfield's share price is down about 10 percent in 2017.

Shares of such companies have been hit hard and store closures are accelerating, pressuring landlords to fill empty space and reinvent shopping centers.

Westfield's Frank Lowy added: "The transaction announced today is the culmination of the strategic journey Westfield has been on since its 2014 restructure. Steven Lowy serves on Scentre's board", he continues.

A new advisory board will be chaired by Sir Frank Lowy, providing independent advice to the new company.

"We started small and we took Westfield to the world. I was wondering whether there was some underlying motive here to punish me or bring me down", he told the FT at the time. The company on Tuesday said this had set it up for the Unibail deal.

"Lowy has given time and money to many other causes, including the Lowy Institute for International Policy, a think tank that focuses on Australia's place in the world, and he has donated millions to medical research in Australia".

He was knighted last week in a ceremony at Windsor Castle in recognition of his contribution to the British economy.

Related news:

Hot News

isis-killer-beheading-video-story-top Carson Wentz out as QB for rest of season
Dec 13, 2017 - 05:16
That's understandable considering Wentz was playing at an MVP-caliber level and led the Eagles to the top of the NFC standings. They will be a heavy favorite even without Wentz.

isis-killer-beheading-video-story-top Arsene Wenger explains Alexis Sanchez's poor display against Southampton
Dec 13, 2017 - 05:13
Aaron Ramsey is facing a spell on the sidelines after Arsene Wenger confirmed he picked up a hamstring injury during Arsenal's 1-1 draw with Southampton this afternoon.

isis-killer-beheading-video-story-top NASA to make announcement on new discovery from planet-hunting mission
Dec 12, 2017 - 18:35
Later that year, NASA said the "unexplained and freakish behavior" was likely a swarm of comets passing in front of the star. Jessie Dotson, Kepler project scientist at NASA's Ames Research Center in Moffett Field, California.

isis-killer-beheading-video-story-top Trump Dismisses Accusations Of Sexual Misconduct As 'Fake News'
Dec 12, 2017 - 18:33
Trent Franks resigned amid bubbling accusations of sexual misconduct. "I know that he was elected", she said. Her claim is that Trump damaged her reputation when he later denied the allegations and called her a liar.

isis-killer-beheading-video-story-top Google Home Max goes on sale in USA via Best Buy
Dec 12, 2017 - 18:32
The top of the Google Home Max is a touch surface where you can control music volume and play or pause the music . You also have a variety of connection options, including Chromecast , Bluetooth, and even a 3.5mm jack.

isis-killer-beheading-video-story-top Trump wants reporter fired for posting phoney photo
Dec 12, 2017 - 18:32
According to U.S. media reports , these pictures instantly went viral on the web thus attracting the President's attention. As NCRM has noted, journalists make mistakes - and responsible journalists correct those mistakes.

isis-killer-beheading-video-story-top Geminid meteor shower might be visible here
Dec 12, 2017 - 18:19
Eliot Herman is Tucson, Arizona has been working all year to compile a series of images of every major meteor shower in 2017 . Up to 120 shooting stars per hour could be visible as the meteor shower passes over the country, reports NRK .

isis-killer-beheading-video-story-top Thousands rally in Morocco against US Jerusalem move
Dec 11, 2017 - 02:57
Indonesia, the world's largest Muslim-majority country, has been a longstanding supporter of Palestinian independence. Israeli warplanes bombed two targets in Gaza late on Friday after rockets were launched at its territory by Hamas.

isis-killer-beheading-video-story-top Plane Falls From Sky, Crashes Into House in San Diego
Dec 11, 2017 - 02:57
At least one person died after a small plane crashed into a San Diego home, KTLA sister station KSWB reported. Nobody was inside the home at the time of the crash, but a dog on the property was killed, KFMB reports.

isis-killer-beheading-video-story-top 'I'd be telling Dejan Lovren off' - Sam Allardyce rubbishes Liverpool penalty complaints
Dec 11, 2017 - 02:55
Wayne Rooney stepped up and duly obliged, smashing the ensuing spot-kick straight down the middle to see the spoils shared. Then you open the door for them like this.

WWE Superstars Took To Twitter To Support Bullied Student Keaton Jones
Dec 11, 2017 - 02:55
I'm sure their parents would not approve of their actions. " People that are different, don't need to be criticised about it. Countless other celebrities and hundreds of thousands of others nationwide have made it clear: Keaton has a friend in them.

isis-killer-beheading-video-story-top Packers WR Davante Adams stuns Browns with game-winning TD in OT
Dec 11, 2017 - 02:29
The Packers defense struggled to slow Kizer, who distributed the ball well to his playmakers in a balanced offensive attack. The rookie quarterback connected right away with Josh Gordon on a 38-yard pass across the middle.

isis-killer-beheading-video-story-top Actually, Leonardo da Vinci's Salvator Mundi Will Be Acquired By Abu Dhabi
Dec 11, 2017 - 02:12
The museum's opening has also coincided with a period of heightened political tension in the Gulf and the broader Middle East. The organization behind the museum became one of the most aggressive buyers on the global art market over the last decade.

isis-killer-beheading-video-story-top Net neutrality protests coming to a Verizon store near you today
Dec 10, 2017 - 04:25
It's up to all of us to fight for the free and open internet- or we're going to lose it. But net neutrality is only a part of how the Internet is regulated.

isis-killer-beheading-video-story-top 'Marvel's Jessica Jones' Sets Season 2 Premiere Date
Dec 10, 2017 - 04:25
At last, though, it's almost here: Netflix has posted a trailer confirming that season 2 will premiere on March 8th, 2018. Jessica Jones season 2 stars Krysten Ritter , Rachael Taylor , Carrie-Anne Moss, Eka Darville , Leah Gibson, J.R.