Tuesday, 12 December 2017

Westfield shopping centres bought in £18.5bn deal

The owner of Westfield shopping centres is being bought for $24.7bn (£18.5bn) in a deal that will see the malls launched in new markets.

Australia's Westfield Corporation has agreed to be sold to French property group Unibail-Rodamco.

There are 35 Westfield shopping centres in the UK and the US, while Unibail-Rodamco has 71 sites in Europe.

Unibail-Rodamco said the takeover would result in a "progressive roll-out of the world famous Westfield brand".

The takeover is the second major deal involving shopping centre owners to emerge in just over a week.
On 6 December, Hammerson, which owns the Bullring in Birmingham, announced a £3.4bn bid for Intu, whose properties include the Arndale shopping centre in Manchester.

The deals come as owners of shopping centres face increasing competition from the shift to shopping online.

BBC     News.