Dec
14
Unibail-Rodamco to Acquire Westfield in $16B Deal
ByThe transaction, expected to close in the second quarter of 2018, would create a global company with a gross market value of $72.2 billion that has 104 assets in 27 of the world’s most attractive retail markets stretching across 13 countries, including the United States.
A plan by Unibail-Rodamco SE—Europe’s largest listed commercial property company—to buy Australia’s Westfield Corp. for nearly $16 billion will create a global leader in flagship shopping destinations, but it may also be the beginning of more consolidation in the coming year.
“It made a lot of sense even though they paid a premium for it. Mall prices have been depressed but the flip side of that is now they have re-set the mall prices to a higher bar,” Jeff Green, a retail consultant, president & CEO of Jeff Green Partners in Phoenix, told Commercial Property Executive…
