Unibail $25bn Westfield deal fires up retail consolidation
Europe's largest property company Unibail-Rodamco announced an agreed offer of $15.7bn for the equity of Westfield Corp, the Australian shopping centre operator, on Tuesday. The deal, which valued the enterprise at $24.7bn, was the second retail property consolidation in a week as the sector comes under the M&A spotlight, writes Nigel Owen.
UK property company Hammerson offered £3.4bn for Intu, a UK and Spanish shopping centre owner the previous week. If that deal is approved it would create the second largest retail property owner in Europe, behind Unibail.However, these are challenging times for retail property businesses. Before the ...
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