In December last year, Unibail-Rodamco (a major European listed property trust) made an offer to purchase Westfield Corporation. The offer to Westfield shareholders is based on a combination of cash and Unibail shares and Australian investors will be able to invest in the merged entity in the form of units listed on the ASX.
So, what is Unibail-Rodamco, what is its track record and will it be a good custodian of Westfield’s assets? These are important questions. Without answers to them, Westfield shareholders can’t make an informed decision about whether to hang on or sell out.
Unibail is a major, listed European commercial property investor, manager and developer with a portfolio of high quality assets. Listed on the Paris bourse since 1972, it is the largest listed REIT (real estate investment trust) in Europe and is well known to global property investors, including APN Property Group.
Our investigations reveal Unibail to be a manager with a long history of adding value, a sound strategy and an attractive portfolio of assets. This is a highly credible manager capable of assuming management of the Westfield portfolio and optimising the value of its assets.