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.
The size of debt that forced Arcadia into administration was revealed Wednesday: £750 million. However, the group’s administrator Deloitte warned the final figure was expected to be "materially higher”.
Malls giant Unibail-Rodamco-Westfield has made big changes to its structure with a larger management board and a new group organisation “to bolster its agility in responding to challenges and prepare for the future”.
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.