Westfield group owns and operates 35 shopping centres in the US and UK
European property giant Unibail-Rodamco has agreed to buy shopping mall owner Westfield Corp for $24.7bn (£18.5bn) including debt, in a deal which will see the malls launched across Europe.
Frank Lowy’s Westfield group owns and operates 35 shopping centres in the US and UK while Unibail-Rodamco has 71 sites in Europe.
The firms have committed to expanding the Westfield brand “flagship shopping destinations”.
Lowy has stated that the takeover was a culmination of the strategic direction Westfield had taken since a restructure in 2014, when it separated its Australian and New Zealand assets from those in the UK and US.
“Unibail-Rodamco’s track record makes it the natural home for the legacy of Westfield’s brand and business,” Lowy said in a statement.
Unibail’s chair and CEO Christophe Culliver said: “The acquisition of Westfield is a natural extension of Unibail-Rodamco’s strategy of concentration, differentiation and innovation. It adds a number of new attractive retail markets in London and the wealthiest catchment areas in the United States.”