Unibail-Rodamco and has entered into an agreement to acquire Westfield Corporation for $16 billion to create a premier developer and operator of flagship shopping destinations. The transaction has been unanimously recommended by Westfield’s board of directors and Unibail-Rodamco’s supervisory board.
Unibail-Rodamco is Europe’s biggest mall property firm and owns ‘Les 4 Temps’ and ‘Forum des Halles” in Paris and has centers spreading from Helsinki to Valenci. Westfield operates 35 malls in the U.S. and UK.
Following the completion of the transaction, Christophe Cuvillier will be the group chief executive officer and Colin Dyer will be the group chairman of the supervisory board.
According to a statement released by Unibail-Rodamco the benefits of the transaction include:
The creation of a global property leader with $72.2 billion of gross market value positioned in 27 of the world’s most attractive retail markets and cities.
A unique platform of 104 assets, which attracts 1.2 billion visits annually.
The rollout of the world famous Westfield brand in the Group’s flagship shopping destinations.
A robust balance sheet, with an expected credit rating in the “A” category post transaction.
A best-in-class management team, leveraging Unibail-Rodamco and Westfield’s superior track records and the strengths of both groups, with the support of their 3,700 employees.