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Westfield Retail Property Group Officially Acquired by Unibail-Rodamco
June 8, 2018
The Westfield retail property group of Australia has now officially been acquired by the European Unibail-Rodamco group to form Unibail-Rodamco-Westfield. Together they own and operate 102 shopping centers in 13 countries, with over 1.2 billion shopper visits every year.
Westfield retail's "The Village" Mall in London, England, in 2011. Photo: Harry Lawford, CC
Unibail-Rodamco-Westfield combines two of the strongest and most respected names in the real estate industry to build on their legacies.
With a portfolio valued at EUR 62 billion, of which 88% in retail, 7% in offices and 6% in convention & exhibition venues, Unibail-Rodamco-Westfield owns and operates its shopping properties in 13 countries, of which 56 are flagships in the most dynamic cities in Europe and in the United States.
The Group provides a unique platform for retailers and brand events and offers an unparalleled experience for customers. It will leverage the world-famous Westfield brand by gradually rebranding Unibail-Rodamco flagship assets.
Looking forward, Unibail-Rodamco-Westfield boasts an unrivalled development pipeline of EUR 13 Bn. Capitalising on its 'Better Places 2030' agenda, to be implemented in the entire Group, Unibail-Rodamco-Westfield's development projects are designed to create "better places" that respect the highest environmental standards and contribute to better cities.
Christophe Cuvillier, Group Chief Executive Officer, commented: "Today is an extraordinary day as we bring together Westfield's and Unibail-Rodamco's outstanding assets and 3,700 talented professionals. We look forward to writing together a new chapter in our history. With an unparalleled track-record and know-how in retail, offices and convention & exhibition venues, the Group is ideally positioned to generate superior value and develop world-class projects."
Unibail-Rodamco-Westfield is listed on Euronext Amsterdam and Paris (Euronext ticker: URW). A secondary listing has been established in Australia through Chess Depositary Interests.