Westfield Corporation (ASX: WFD) has announced it has reached an agreement with European listed giants Unibail-Rodamco SE (EURONEXT: UL) for the sale of WFD for $32.8B. Westfield shares were placed in a trading halt, ahead of the transaction at $8,50, valuing the company at $17.66B. Under the terms of the agreement, WFD securityholders will receive a combination of cash and shares in Unibail-Rodamco, valuing each WFD security at $10.01, representing a premium of 17.8% to WFD closing security price on December 11, 2017. The deal will create a global property retail giant with 104 shopping centres in 27 retail markets around the world. Additional commentary from Core Property’s Managing Director, Dinesh Pillutla can be found on pages three and four.
Finally, from everyone at Core Property, we would like to wish a Merry Christmas and a Happy New Year to all. This will be the final Weekly of 2017, Core Property will resume publication the following year, 8 January 2018, Happy Holidays.