The owner of London’s Westfield shopping centres said on Wednesday it would massively trim down its US presence and complete a remaining €3.2 billion-worth of European asset disposals before the end of 2022.
French billionaire Xavier Niel has teamed up with Unibail-Rodamco-Westfield's former boss to oppose the shopping mall group's planned €3.5 billion ($4.10 billion) rights issue, lifting the firm's shares.
French groups Crédit Agricole Assurances and La Française will hold a 54.2% stake in the joint-venture company set up with commercial real estate developer URW to run five leading shopping malls in France.
Europe’s largest property firm Unibail-Rodamco Westfield raised its full-year earnings guidance on Wednesday after reporting strong first-half growth in tenant sales at its flagship European and American retail centres.
Online shopping has its limits and physical stores will never go out of fashion, says the CEO of Unibail-Rodamco which is betting $16 billion (£12 billion) on buying Westfield to create a global mall giant.