- Prachi Singh |
Unibail-Rodamco has announced that it has completed the acquisition of Westfield, to create Unibail-Rodamco-Westfield, the premier global developer and operator of flagship shopping destinations. The company said, Unibail-Rodamco-Westfield combines two of the strongest and most respected names in the real estate industry to build on their legacies.
Commenting on the acquisition, Christophe Cuvillier, Group Chief Executive Officer, said in a statement: “Today is an extraordinary day as we bring together Westfield’s and Unibail-Rodamco’s outstanding assets and 3,700 talented professionals. We look forward to writing together a new chapter in our history.”
With a portfolio valued at 62 billion euros (72.9 billion dollars), of which 88 percent in retail, 7 percent in offices and 6 percent in convention & exhibition venues, Unibail-Rodamco-Westfield owns and operates 102 shopping centres in 13 countries, of which 56 are flagships in the most dynamic cities in Europe and in the United States. Its centres welcome 1.2 billion visits per year.
The company added that it will leverage the Westfield brand by gradually rebranding Unibail-Rodamco flagship assets. Looking forward, Unibail-Rodamco-Westfield has plans for development pipeline of 13 billion euros (15 billion dollars).
Picture:Uniball-Rodamco Westfield website