European listed property giant Unibail-Rodamco said that it has completed the acquisition of Westfield, creating Unibail-Rodamco-Westfield, the premier global developer and operator of flagship shopping destinations with a portfolio valued at €62 bn.
'Today is an extraordinary day as we bring together Westfield's and Unibail-Rodamco's outstanding assets and 3,700 talented professionals,' commented Christophe Cuvillier, Group Chief Executive Officer. 'We look forward to writing together a new chapter in our history.'
He added: 'With an unparalleled track record and know-how in retail, offices and convention & exhibition venues, the group is ideally positioned to generate superior value and develop world-class projects.'
The new combine will be largely invested in retail, which represents 88% of its portfolio, while offices and convention & exhibition venues respectively account for a 7% and 6% share of the portfolio. The development pipeline currently stands at €13 bn.
Unibail-Rodamco-Westfield is listed on Euronext Amsterdam and Paris with a secondary listing in Australia through Chess Depositary Interests.