Unibail-Rodamco completes Westfield acquisition

Company News

by Rachael Jones

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.

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.