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Unibail-Rodamco to buy Westfield

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Unibail-Rodamco is to acquire Westfield in a deal valued at US$24.7bn, creating one of the world’s biggest developers and operators of flagship shopping centres.

This follows from last week’s news that Hammerson and Intu were merging, creating a £21 billion pan-European portfolio of retail and leisure property.

Hammerson and Westfield are in a joint venture (Croydon Partnership) to redevelop Croydon’s Whitgift Centre, for which planning was approved last month.

Tony Newman, leader of Croydon council, said: “The merger between Westfield and Unibail-Rodamco is extremely positive news for Croydon and will only have a positive impact on the development planned for our borough.

“The presentation on the merger given to the international market today features Westfield’s Croydon development as one of the major UK projects for the new group, alongside the extension of Westfield London and the building of new Westfield shopping centres in California and Milan, putting our town alongside some of the best shopping destinations in the world.”

For more information on the deal visit: https://www.westfieldcorp.com/news/detail/westfield-corporation-announcement-of-transaction-with-unibail-rodamco