Your browser is no longer supported. For the best experience of this website, please upgrade to a newer version or another browser.

Your browser appears to have cookies disabled. For the best experience of this website, please enable cookies in your browser

We'll assume we have your consent to use cookies, for example so you won't need to log in each time you visit our site.
Learn more

Westfield sold for $25bn

Westfield Corporation, the owner of shopping centre group Westfield, has been sold to French property organisation Unibail-Rodamco in a $25bn (£18.7bn) deal.

Westfield London

Westfield London

The deal will create a group with a £54bn gross market value, positioned in 27 markets across the world. The combined business will have 104 properties that attract a combined 1.2 billion annual visits.

Unibail-Rodamco said the buy-out will lead to Westfield being “rolled out” into new markets.

Following the deal Christophe Cuvillier, current chief executive of Unibail-Rodamco, will become group chief executive, and Colin Dyer, current chairman of Unibail-Rodamco, will be group chairman of the supervisory board.

Cuvillier said: “The acquisition of Westfield is a natural extension of Unibail-Rodamco’s strategy of concentration, differentiation and innovation. It adds a number of new attractive retail markets in London and the wealthiest catchment areas in the US. We believe that this transaction represents a compelling opportunity for both companies to realise benefits not available to each company on a standalone basis, and creates a strong and attractive platform for future growth.

Sir Frank Lowy, chairman of the Westfield board of directors, added: “The transaction is the culmination of the strategic journey Westfield has been on since its 2014 restructure. Unibail-Rodamco’s track record makes it the natural home for the legacy of Westfield’s brand and business.”

Have your say

You must sign in to make a comment

Please remember that the submission of any material is governed by our Terms and Conditions and by submitting material you confirm your agreement to these Terms and Conditions. Links may be included in your comments but HTML is not permitted.