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