Unibail-Rodamco to buy Westfield

Unibail-Rodamco is to acquire Westfield in a deal valued at US$24.7bn, creating one of the world’s biggest developers and operators of flagship shopping centres.

This follows from last week’s news that Hammerson and Intu were merging, creating a £21 billion pan-European portfolio of retail and leisure property.

Hammerson and Westfield are in a joint venture (Croydon Partnership) to redevelop Croydon’s Whitgift Centre, for which planning was approved last month.