tinyfav.com
tinyfav.com January 19, 2018


Unibail-Rodamco to acquire Westfield for US$24.7 billion

13 December 2017, 06:05 | Melanie Burgess

ALAMYWestfield snapped up by French giant for £18.5bn

Westfield

Westfield chairman Sir Frank Lowy has announced that after 57 years the shopping centre giant will be sold to French commercial property company Unibail-Rodamco for $32.7 billion.

Shareholders will receive $10.01 in cash and shares, per share. It owns 69 shopping centers in 11 European Union countries, with a total property value of $42 billion, as of June 30, 2017.

Unibail will acquire Westfield for $7.55 per share, a 18 percent premium over Westfield's closing price on Monday.

Westfield has been viewed as a pioneer in USA mall redevelopment, focusing on luxury properties rather than lower-end malls located in less affluent locations where hundreds of stores have been shuttered.

"The acquisition of Westfield is a natural extension of Unibail-Rodamco's strategy of concentration, differentiation and innovation", Unibail chief executive Christophe Cuvillier said.

"I'm also proud that Unibail will extend the famous red Westfield brand across all their flagship assets", he added. "It adds a number of new attractive retail markets in London and the wealthiest catchment areas in the United States".

Westfield
NCChristophe Cuvillier lauded the benefits of the Westfield acquisition

"Westfield was built by Frank Lowy, the billionaire shopping center tycoon who started with one shopping center outside of Sydney in 1959".

Westfield's portfolio includes shopping areas at USA airports such as Newark Liberty International, John F. Kennedy International, Los Angeles International and Orlando International.

Talks to seal a deal had taken just six weeks, said Lowy whose family will no longer run the company he set up in 1960 but will end up with a 2.8 percent stake in the combined group.

The deal was recommended by the boards of both companies but is subject to approval by shareholders and regulators. It expanded to New Zealand and the United Kingdom and entered the US market in 1977.

"The transaction announced today is the culmination of the strategic journey Westfield has been on since its 2014 restructure", Lowy said in a statement.

Westfield Group spun off its Australian and New Zealand operations in 2013 and reorganized its Northern Hemisphere properties as Westfield Corp.in 2014. Unibail expects the deal to close in the first half of 2018.

Real Madrid play PSG in Champions League, Chelsea get Barcelona
PSG have failed to make it past the quarter-final stage of the Champions League since the arrival of the club's mega-rich Qatari owners.

American Outdoor Brands Corporation (NASDAQ:AOBC) Slumps -16.28% in Pre-Market
The company's shares were assimilated at $20.5 per share worth to an investment of some $512,500 on account of Debney P. Crestview Partners Ii Gp L.P. holds 30.34% of its portfolio in Capital Bank Financial Corp. for 2.58 million shares.

IDF suspends commander for stealing fruit from Palestinian vendor during clashes
The man has no ties to terrorist groups and committed the attack as a "lone wolf", according to Hebrew media reports. On Wednesday, he called an urgent meeting of the Organization of Islamic Cooperation in Turkey next week.



Other News

Trending Now

49ers, Garoppolo top Texans for second straight win
Yates, who was signed after Watson was injured, threw for 175 yards and two touchdowns in his first game since November 16, 2015. Several of Savage's teammates said they didn't notice anything different about him on the drive after he was injured, and T.J.

Cavs expects Tristan Thompson to return this week
The conversations were described as "positive", and the team said he will report to its Cleveland Clinic Courts training facility. Several of Rose's teammates, included, already had said publicly that Rose did not owe them an apology for the time he missed.

Watch Josh Gordon score his first touchdown in four years
The Packers defense struggled to slow Kizer, who distributed the ball well to his playmakers in a balanced offensive attack. Rookie defensive lineman Caleb Brantley swallowed him up for a loss to give the ball back to the Browns.

New Featurette For The Making of Marvel's Spider-Man For Playstation 4
The animated film is the brainchild of writers Phil Lord and Christopher Miller (the duo behind " The Lego Movie "). Morales was first introduced in 2011 during Chapter 4 of the Ultimate Fallout Marvel comic book series.

'X-Men' Director Bryan Singer Accused Of Raping 17-Year-Old Boy
Sanchez-Guzman says he has suffered from psychological distress since the alleged assault and is seeking unspecified damages. The lawsuit , seen by TMZ , claims that Singer offered to take the teenager on a tour of the yacht before assaulting him.

California fire burns Bel-Air mansions as spread continues
Residents by Casiano Road and Linda Flora Drive have been ordered to evacuate, according to the Los Angeles Police Department. Twenty-nine horses also died earlier this week in the Creek Fire, burning in the Los Angeles County city of Sylmar.

Mark Cerny Tries to Pull New Death Stranding Details From Hideo Kojima
Fans took to Twitter to express their excitement - and confusion - over the teaser, with many calling for more information from the legendary Japanese game designer.

Adorable Suri Cruise steals show introducing Taylor Swift at Jingle Ball
The songstress was the draw and was the best performer of the night. "I can fix this", Corden said after receiving an urgent call. Suri wasn't the only one at the Jingle Ball who was pretty excited about the musical artists-and with good reason.

Seattle set to apply for National Hockey League expansion team
He made the announcement after the first day of the Board of Governors meeting. OVG CEO Tim Leiweke going as far as asking Seattle to hold him accountable.

LaMelo, LiAngelo Ball agree to deal to join Lithuanian team in January
LiAngelo and LaMelo are starting their respective paths together, but the odds of success appear to be stacked against them. The game was abandoned with 3 minutes to go at 65-65 after the coach was ejected due to some questionable calls.