In a deal that brings together two of the largest mall companies on the planet, the Australian company Westfield agreed to be purchased by European property company Unibail-Rodamco for $15.7 billion, Westfield said today.
“The deal brings together two of the planet’s biggest mall companies at a time when online shopping has put significant pressure on brick-and-mortar retailers,” Forbes reports. “Westfield owns 35 shopping centers in the United States and United Kingdom, including locations at the World Trade Center in New York City and Century City in Los Angeles. It has focused on wealthier enclaves, where flagship stores feature high-end stores and upscale amenities like restaurants, valet parking and gyms.”
Property that will be owned by the combined company, with locations in 27 cities around the world, is valued at about $72.2 billion, Forbes notes.
In a statement, Christophe Cuvillier, CEO of Unibail-Rodamco, said: “The acquisition of Westfield is a natural extension of Unibail-Rodamco’s strategy of concentration, differentiation and innovation. It adds a number of new attractive retail markets in London and the wealthiest catchment areas in the United States.”