41°
The Australian-based Westfield Corp. has been acquired by Unibail-Rodamco, headquartered in Paris, for $15.7 billion.
Westfield Corp. owns 30 malls in the country, including the Westfield Trumbull Mall and the shopping center at the World Trade Center.
"The acquisition of Westfield is a natural extension of Unibail-Rodamco's strategy of concentration, differentiation and innovation," Unibail-Rodamco Chief Executive Christophe Cuvillier said in a news release.
"It adds a number of new attractive retail markets in London and the wealthiest catchment areas in the United States. It provides a unique platform of superior quality shopping destinations supported by experienced professionals of both Unibail-Rodamco and Westfield.
"We believe that this transaction represents a compelling opportunity for both companies to realize benefits not available to each company on a standalone basis, and creates a strong and attractive platform for future growth."
The mall operators would combine forces -- holding property valued at nearly $72.2 billion -- and provide Unibail-Rodamco access to many large properties in the U.S. and Britain.
CLICK HERE FOR MORE FROM THE NEW YORK TIMES.
Click here to follow Daily Voice Ridgefield and receive free news updates.
