France's largest real estate investment trust Unibail and Rotterdam-based retail property company Rodamco Europe have agreed to merge their activities in a conglomerate valued at EUR 21.7 bn. The new entity will be the largest property company in Europe by market capitalisation and the second largest retail property company in the world after Australia's Westfield Group.
The Grand Hotel Imperiale in Forte dei Marmi, Italy has been sold to UAE-based real estate company Emaar Properties, owner of renowned buildings such as the Burj Khalifa and the Dubai Mall.
