French group Unibail-Rodamco (ASX:URW) has completed the acquisition of Westfield.
The take-over by Europe's biggest commercial property company creates a new company called Unibail-Rodamco-Westfield.
With a portfolio valued at €62 Bn, of which 88 per cent is in retail, 7 per cent in offices and 6 per cent in convention & exhibition venues, Unibail-Rodamco-Westfield owns and operates 102 shopping centres in 13 countries. Its centres welcome 1.2 billion visits per year.
Originally unveiled in December and approved by Westfield shareholders last month, the deal is the biggest-ever corporate takeover in Australia.
Unibail-Rodamco is Europe's biggest commercial landlord, while Westfield has a large presence in the United States, Britain and Italy.
Shares in Unibail-Rodamco (ASX:URW), closed up 0.27 per cent to $14.80 yesterday.