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The Westfield hand over

13 December, Il Sole 24 Ore

The management of the new retail giant will be European. The French Unibail-Rodamco has made an agreement with the Australian company Westfield. The real estate investment company will pay 15.7 billion Australian dollars (about 10.1 billion euro as per yesterday’s exchange rate) to acquire Westfield which currently owns 35 shopping centres in the United State and Great Britain. Once the operation will be concluded, the Unibail-Rodamco shareholders will control 72% of the company originated by the merger of the two groups and that will amount to a market value of 61.1 billion euro. The partnership is expected to generate 100 million yearly. The total real estate assets of the new group will amount to 62.1 billion euro and will be composed of 104 shopping centres, including the new World Trade Center designed by Calatrava in New York. Westfield is known in Italy for Westfield Milan, the project for the mega-mall created by the partnership with the Percassi group from Segrate. The works for this mega-mall should start next year and will be finished by the end of 2020 with a total investment of 1.4 billion.

Source: Milano Finanza

Translator: Cristina Ambrosi

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