Seahawks bring back coordinators Norton and Solari
United States stocks open higher on strong corporate earnings
Airbus warns A380 jumbo's future at risk
Ford Will Invest $11 Billion In Electric Cars By 2022
GM Is Now Mass Producing Self-Driving Cars
Amid Amazon competition, Westfield malls sold for $15.7B
13 December 2017, 06:09 | Gordon Grant
Westfield shopping centres owner to be taken over by French property giant Unibail-Rodamco
"The acquisition of Westfield is a natural extension of Unibail-Rodamco's strategy of concentration, differentiation and innovation", Unibail CEO Christophe Cuvillier said in a news release. The company also is developing malls in Brussels and Hamburg, Germany, according to The Times.
Unibail-Rodamco, based in Paris, is the result of a 2007 merger of two French property investment firms.
Westfield said it owns 35 shopping malls valued at $32 billion.
As sales fall so do retail property prices, to the point where they become attractive as a discount to asset value. Westfield, which started off in Sydney in the 1950s, is known for its 35 upscale shopping centers in major metropolitan areas, particularly in the USA and Britain.
Unibail-Rodamco, in announcing the deal with Westfield, said it hoped to extend "the world famous Westfield brand" to its properties, and to acquire new properties in key markets such as New York City and strong properties like the Plaza.
Not yet. Unibail-Rodamco's value fell as much as 4.1% on news of the deal. In the Los Angeles area, it has the newly renovated Century City mall, as well as its Culver City, Topanga & the Village, Fashion Square in Sherman Oaks, and Santa Anita malls. Unibail-Rodamco shares have fallen 1.2 percent.
Australian retail giant Westfield to be taken over by foreign owners in a massive $32.8BILLION deal
Unibail is the largest commercial real estate company in Europe. "Shares of such companies have been hit hard and store closures are accelerating, pressuring landlords to fill empty space and reinvent shopping centers", Pooja Thakur Mahrotri and Matthew Burgess write for Bloomberg.
Westfield Chairman Sir Frank Lowy, who co-founded the company in the 1950s, will retire as Chairman following the sale.
Lowy said: "The transaction announced today is the culmination of the strategic journey Westfield has been on since its 2014 restructure. Steven Lowy serves on Scentre's board", he continues. "They're already 50 percent through that online retail switch", Morningstar analyst Tony Sherlock said of the deal.
Westfield's portfolio includes shopping areas at USA airports such as Newark Liberty International, John F. Kennedy International, Los Angeles International and Orlando International.
He was knighted last week in a ceremony at Windsor Castle in recognition of his contribution to the British economy.
Indianapolis Colts vs Buffalo Bills Now headed to Miami to play the Dolphins, Bill Belichick's team will enjoy a warmer climate in an upcoming Monday night matchup. The two teams tried to play a game of field position after Vinatieri missed what would normally be an easy 33-yard field goal.
NHL Agrees to Consider Seattle Expansion Proposal Bettman said the expansion fee has been set at $650 million for Seattle, which would become the league's 32nd team, if approved. Bettman added relocation of an existing team could also be an option, but not one the league is considering at the moment.
Comedian Hannibal Buress arrested in Miami
He's just salty because I roasted his ass". "You don't have probable cause for anything and you're hella stupid right now". Saturday night in the neighborhood of Wynwood, which is now hosting events related to the global art festival Art Basel.
NASA And Google Have a Big Announcement About Kepler on Thursday
Kepler telescope is broadly considered the most successful planet hunter who supported NASA to find alien worlds with accuracy. NASA has been on a roll lately, spotting more than a dozen planets over the past year that might be capable of sustaining life.
American Outdoor Brands (AOBC) Updates Q3 Earnings Guidance
However, their relatively high multiples do not necessarily mean their stocks are overpriced and not good buys for the long term. Looking at the stock's movement on the chart, American Outdoor Brands Corporation recorded a 52-week high of $24.49.
Breath of the Wild Dominates The Game Awards 2017
For more information about what is included in the Expansion Pass, visit http://www.zelda.com/breath-of-the-wild/expansion-pass . The DLC will also grant access to nine new armor items for players to find, as well as the Ancient Saddle and Bridle items.
Death Stranding's New Trailer is Beautifully Bizarre
Despite the scarcity of information, " Death Stranding " is reportedly still in development for Sony's PlayStation 4. Norman Reedus doesn't mention much in the trailer but his acting skills just shines through even in a in-game format.
Google Maps Introduces Motorcycle Mode in India
To activate the feature, users input their destination (as usual) and hit a new "start" button on the bottom of the screen. Google products set to incorporate the new feature include Google Assistant, Google Search, Google Earth, and Android Auto.