The company will have assets under management worth €61.1 billion, in a total of 104 shopping centers in 27 markets. The purchase is made at €6.41 per share, reflecting the 17.8% premium to the stock's closing price and valuing the Australian company at US$24.7bn, according to IPE Real Assets.
Westfield holds mostly European and American shopping centers with a GMV of €18.1 billion. Unibail-Rodamco, based in Paris, has European assets valued at €43 billion.
Speaking at a press conference, Westfield founder Frank Lowy said the deal was a reflection of consolidation among global retail landlords and pressure on retail and the «culmination of the strategic journey Westfield has been on since its 2014 restructure. We see this transaction as highly compelling for Westfield’s securities holders and Unibail-Rodmaco’s shareholders alike».