French company buys shopping mall operator Westfield for $16 billion

Posted at 10:55 AM, Dec 12, 2017
and last updated 2017-12-12 13:55:05-05

SAN DIEGO (CNS) - Westfield Corp., which operates malls around Southern California, around the nation and in Britain, is being sold to French commercial real estate giant Unibail-Rodamco in a $16 billion deal, the two companies announced Tuesday.

The cash-and-stock deal values shares of Australia-based Westfield at $7.55 a share, an 18 percent premium over Monday's closing price, the Los Angeles Times reported.

Westfield has 16 California locations, including five malls in San Diego County: Westfield Mission Valley, Westfield North County, Westfield Plaza Bonita, Westfield Horton Plaza and Westfield UTC.

The deal makes it possible for Unibail-Rodamco, Europe's largest publicly traded commercial real estate company, to expand into "new attractive real estate markets," including London and wealthy areas of the U.S., Christophe Cuvillier, chief executive of Unibail-Rodamco, said in a statement.

Unibail-Rodamco owns and operates 69 shopping centers in Europe including in Paris, Madrid, Stockholm, Amsterdam and Munich. The company also is developing malls in Brussels and Hamburg, Germany, according to The Times.