Europe’s biggest property firm, Unibail-Rodamco, is to buy US and UK mall operator Westfield Corp for US$16 billion, a defensive move to create a global leader in a sector grappling with the online shopping challenge led by Amazon, reports the Wall Street Journal.
The deal gives Europe-focused Unibail, which owns “Les 4 Temps” and “Forum des Halles” in Paris and has centers spreading from Helsinki to Valencia, exposure to the United States and Britain, where Westfield operates 35 malls, including landmark premises in London.
Under its Australian billionaire chairman and co-founder Frank Lowy, Westfield has pioneered US mall redevelopment, introducing upscale food courts, high-end restaurants, bars, cinemas and boutique fashion outlets to entice shoppers.
Full Content: Wall Street Journal
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
