Latest Commercial Property News

December 13, 2017 - by Zak Shah

French Investor Buys Westfield Shopping Centre at £18bn

France’s Unibail-Rodamco is in the process to acquire Britain’s Westfield, the two portfolios combined are estimated to be around £54bn therefore this deal create £54billion within the commercial space of Britain, united states and outreaching little into Europe.

This deal also ends the area of Australia’s billionaire Sir Frank Lowy, who was the initial co-founder of Westfield who started out from opening a tiny shopping centre in 1959 in Sydney.

Sir Frank and family own 9pc of the Westfield chain however if this deal goes through as expected they will be left with 2.8pc as they prefer to be investors over executives they comment. He will step down from his chairman position as well as his sons from their co-chief exec positions.

The group will be looking to sell its assets mounting to 3million euros, the combined group has a total of 104 shopping centres scattered in 13 countries.

John Lee, an analyst at Morgan Stanley said: “Concerns around structural headwinds remain, but asset quality should make Unibail-Rodamco materially better positioned than peers, all else equal.”