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French group to take over Westfield malls for $25 billion
PARIS (AP) — French real estate company Unibail-Rodamco has agreed to buy Australia-based shopping mall operator Westfield Corporation in a deal that values it at $24.7 billion.
The companies would together have 104 shopping centers in 13 countries that bring in an estimated 1.2 billion visits a year.
Unibail-Rodamco SE invests globally in commercial property, from malls to office space. Westfield, which started off in Sydney in the 1950s, is known for its 35 upscale shopping centers in major metropolitan areas, particularly in Britain and the U.S.
Unibail-Rodamco said Tuesday that its offer values Westfield shares at $7.55 each, a premium of 17.8 percent on Monday's closing price.
Frank Lowy, Westfield's chairman, said "the transaction announced today is the culmination of the strategic journey Westfield has been on since its 2014 restructure."
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