Westfield Sold to European Company

Westfield’s latest opening in 1 World Trade Center in Lower Manhattan. Christian Perner  Unsplash

Westfield Corp. operates 16 malls in California, including Westfield Topanga, Westfield Fashion Square in Sherman Oaks and Westfield Valencia Town Center in Santa Clarita. Westfield, which started off in Sydney in the 1950s, is known for its 35 upscale shopping centers in major metropolitan areas, particularly in the US and Britain.

A tough consumer spending environment and intense competition from online rivals has made retailers more selective with their expansion plans, making life tough for shopping center operators and driving consolidation in the sector.

Around 37 percent of the combined entity's portfolio would be in France and 22 percent in the United States.

"The acquisition of Westfield is a natural extension of Unibail-Rodamco's strategy of concentration, differentiation and innovation", said Christophe Cuvillier, chairman of the management board and CEO of Unibail-Rodamco. Westfield's earning have stayed in line with analyst expectations since the split.

The takeover offer values each Westfield security at $10.01, and has been recommended to shareholders by chairman and major shareholder Frank Lowy. The shares were halted earlier on Tuesday pending the announcement, having last traded at A$8.50.

"The indoor mall is dying", he said.

Freezing weather cancels dozens of Scottish flights
Sunday night saw a temperature low of -10C at the Erskine Bridge, and on Monday morning the mercury dipped to -8C in Dumfries. Luton Airport and Cardiff Airport has also warned customers to be prepared for delays or cancellations.

Not yet. Unibail-Rodamco's value fell as much as 4.1% on news of the deal.

Westfield embarked on a restructure in 2014, spinning off its Australia and New Zealand business from its global operations into a separate entity.

"Westfield has got assets in the United Kingdom and in the USA that are all in mature Amazon markets".

The deal combines two of the biggest mall operators in the world at a time when malls are going through many well-publicized struggles, according to the Wall Street Journal.

Deutsche Bank (DBKGn.DE) and Goldman Sachs (GS.N) have committed to provide 6.1 billion euros in funding to cover the cash portion of the offer, Unibail said.

Unibail Rodamco is the largest commercial real estate company in Europe and will own 104 properties across the world when the acquisition is complete, reportedly resulting in cost savings of $100 million a year.

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