Unibail-Rodamco-Westfield

Last updated
Unibail-Rodamco-Westfield SE
Company type Public (Societas Europaea)
ISIN FR0013326246
Industry Commercial real estate
Genre
Founded27 June 2007;17 years ago (2007-06-27)
Headquarters
Paris
,
France
Area served
Key people
Revenue €5.4 billion
€1.1 billion
Total assets €56.5 billion (December 2020)
Number of employees
3100 (2021)
Website urw.com

Unibail-Rodamco-Westfield SE (previously Unibail-Rodamco SE) is a European multinational commercial real estate company headquartered in Paris, France. Its history originates with the formation of two separate shopping centre operators, Unibail (founded in France in 1968) and Rodamco Europe (founded in the Netherlands in 1999), which merged in 2007 and became a societas Europaea in 2009. The company acquired Australian shopping centre operator Westfield Corporation in June 2018.

Contents

As of 2024, Unibail-Rodamco-Westfield is the largest commercial real estate company in Europe, [1] and is a component of the Australian ASX 50, Euro Stoxx 50 stock market index, as well as the French CAC40. [2] Its portfolio consists of retail property, office buildings, and convention centers within Europe and North America. [3] Many of its shopping centres use the Westfield brand launched by Westfield Group in 1960 and shared with Scentre Group for properties in Australia and New Zealand since 2014. Retail properties owned by Unibail-Rodamco before the merger carry the Westfield name. [4] As of July 2022, the group owned 87 shopping centres. [2]

History

Background

Unibail was founded in 1968 as a finance-leasing unit by a company called Worms & Cie. In 1991, Unibail started focusing on the property investment sector, and phased out involvement in lease financing. It built a property portfolio of close to 30 shopping centres across France – including the Forum des Halles and the arcade within CNIT – and substantial office properties in Paris and La Défense – including the Tour Ariane and the Paris Expo group of convention centres. [5] [6] Rodamco Europe formed in 1999 when Rodamco, a property investment fund set up by the Dutch asset management group Robeco in 1979, broke up into various independent listed companies covering different parts of the world. Rodamco Europe subsequently collected a portfolio primarily consisting of shopping centres and other retail spaces across 14 European countries, along with some office property in France and the Netherlands, acquiring smaller European rivals in the process. [7]

2007–2017: Unibail-Rodamco

Unibail-Rodamco logo, used until 2018 Unibail-rodamco.svg
Unibail-Rodamco logo, used until 2018

On April 10, 2007, Rodamco Europe announced an agreement to conduct a merger of equals [8] with Unibail to create the largest publicly traded property company in Europe. [9] The merger was confirmed on June 21, 2007, after Unibail announced the acquisition of 80% of Rodamco's shares, making its offer for the remainder unconditional. [10] The merged entity took effect as a société anonyme under the new name Unibail-Rodamco on June 25, 2007. [11]

On June 1, 2011, Unibail-Rodamco hired former Fnac CEO Christophe Cuvillier as the new COO. In collaboration with CEO and chairman of the board Guillaume Poitrinal, he led the company to five years of growth in spite of tough economic conditions. [12]

In May 2015, Unibail revealed it had signed an agreement with the Canada Pension Plan Investment Board to sell its 46.1% stake in German shopping mall operator MFI AG for €394 million. [13]

2018–present: Acquisition of Westfield

Westfield logo, in use from 1960 to present The Westfield Group logo.svg
Westfield logo, in use from 1960 to present

In December 2017, Unibail took over Westfield Corporation, which operated 35 shopping centres in the US and the UK, for a reported price of US$24.8 billion. The shopping centres in Australia and New Zealand branded as Westfield and now held by Scentre Group were not acquired by Unibail. [14] The deal was completed in June 2018, and the shopping centres owned by Unibail-Rodamco before the merger had their names modified to have the Westfield brand, with 10 flagships starting in September 2019. [15]

In November 2020, Colin Dyer resigned as supervisory-board chairman after a shareholder meeting rejected the board's proposal to raise 3.5 billion euros ($4.15 billion). Dyer remained on the board but was replaced as chairman by former Unibail CEO Leon Bressler, one of a consortium of shareholders and investors who had opposed the capital increase and other proposed strategies. [16] In January 2021, Jean-Marie Tritant was appointed chairman of the management board and chief executive officer of the group. [17]

Corporate affairs

Management

Shareholders

The following are the company shareholders as of December 2021: [18]

Indexes

Unibail-Rodamco-Westfield is listed in several indexes, including: [19]

Unibail-Rodamco-Westfield is rated A by Standard & Poor’s and Fitch Ratings.

In 2015, Standard Ethics Aei has given a rating to Unibail-Rodamco-Westfield in order to include it in its Standard Ethics French Index. [20]

Assets

Centrum Chodov, the largest shopping mall in Prague, and owned by Unibail-Rodamco-Westfield CentrCh - pohled od severovychodu.jpg
Centrum Chodov, the largest shopping mall in Prague, and owned by Unibail-Rodamco-Westfield

Unibail-Rodamco-Westfield owns 87 shopping centers (as of April 2021) in the main cities of the countries where it operates, 97% of which attract more than 6 million visitors per year. In terms of Office Real Estate, Unibail-Rodamco invests in and develops efficient buildings with more than 10,000 square metres of usable retail space in Paris, such as the Ariane Tower in La Défense and the Majunga Tower. [2]

To conceive and design its buildings, Unibail-Rodamco-Westfield works with high-end architectural firms like Thomas Mayne of Morphosis firm, [21] Herzog & de Meuron, [22] RIADH group (De La Hoz, Cottrell, Michelangeli), the firm Architecture Farshid Moussavi, Cuno & Jean Brullmann Crochon-Luc, [23] Jean-Paul Viguier, [24] Epstein & Glaiman / Recevki Architecture, Araldo Cossutta & Ponte, and Arte-Charpentier.

Related Research Articles

<i>Societas Europaea</i> Public company registered under the corporate law of the European Union

A societas Europaea is a public company registered in accordance with the corporate law of the European Union (EU), introduced in 2004 with the Council Regulation on the Statute for a European Company. Such a company may more easily transfer to or merge with companies in other member states.

Westfield may refer to:

<span class="mw-page-title-main">Shopping City Süd</span> Shopping mall in Vösendorf, Austria

The Shopping City Süd (SCS) is a shopping centre located in Vösendorf and Wiener Neudorf, south of Vienna, Austria.

<span class="mw-page-title-main">Westfield Stratford City</span> Shopping mall in England

Westfield Stratford City is a shopping centre in Stratford, East London, which opened on 13 September 2011. With a total retail floor area of 1,910,000 square feet (177,000 m2), it is the largest urban shopping centre in the UK by land area and the 4th-largest shopping centre in the UK by retail space, behind Westfield London, the MetroCentre, and the Trafford Centre.

<span class="mw-page-title-main">Annapolis Mall</span> Shopping mall in Maryland, U.S.

Annapolis Mall is a shopping mall in Parole, just east of the intersection of Interstate 97 and U.S. Route 50 and in close proximity to the mall's namesake of Annapolis, Maryland. Owned and managed by Centennial Real Estate Management, the mall features 1,416,744 sq ft of GLA, making it the second-largest shopping mall in Maryland after Arundel Mills. As of 2022, the mall features two traditional anchors Macy's and JCPenney, as well as an 11-screen AMC Theatres and prominent specialty retailers such as Forever 21, The Container Store and Crate & Barrel.

<span class="mw-page-title-main">Westfield Southcenter</span> Shopping mall in Tukwila, Washington

Westfield Southcenter, formerly known as Southcenter Mall, is a shopping mall located in Tukwila, Washington, United States. Owned by Unibail-Rodamco-Westfield, it is the largest shopping center in Washington state and the Pacific Northwest. The mall is anchored by Macy's, JCPenney, Nordstrom, and also features an AMC movie theater, which opened in 2008. There is one vacant anchor that was once a Sears store.

<span class="mw-page-title-main">Westfield Galleria at Roseville</span> Shopping mall in Roseville, California

Westfield Galleria at Roseville is a two-level, 1,300,000-square-foot (120,000 m2) indoor upscale shopping mall in Roseville, California, United States, and is owned by Unibail-Rodamco-Westfield. The property is anchored by department stores Macy’s, JCPenney, and Nordstrom, a 14-screen Cinemark theater, a Round 1 Entertainment center, large-scale Pottery Barn and Crate & Barrel furniture stores, and the sole Sacramento area locations of luxury retailers Louis Vuitton, Gucci, Tiffany & Co., and Saint Laurent.

<span class="mw-page-title-main">The Promenade (shopping mall)</span> Shopping mall in California, U.S.

The Promenade is a dead shopping mall in the Woodland Hills neighborhood of Los Angeles, California.

<span class="mw-page-title-main">Westfield Century City</span> Shopping mall in California, U.S.

Westfield Century City is an outdoor shopping mall in the Century City neighborhood of Los Angeles, California. It has 1,300,000 square feet (120,000 m2) of gross leasable area and is anchored by Bloomingdale's, Macy's, and Nordstrom. The mall has been owned by Westfield-affiliated companies since 2002, and has been owned by the present-day Unibail-Rodamco-Westfield since 2017.

<span class="mw-page-title-main">Westfield Plaza Bonita</span> Shopping mall in National City, California

Westfield Plaza Bonita, commonly known as Plaza Bonita and Plaza, is a shopping mall in National City, California. It is owned by Unibail-Rodamco-Westfield. Anchor stores at the center include Macy's, JCPenney, Target, Crunch Fitness, Nordstrom Rack and Round1.

<span class="mw-page-title-main">Westfield Mokotów</span> Shopping centre in Warsaw, Poland

Westfield Mokotów, previously known as Galeria Mokotów, is a shopping centre in Warsaw, Poland, in the district of Mokotów. It is located at the 12 Wołoska Street. The building was opened in 2000. It was originally owned by Globe Trade Centre, and since 2011, it is owned by Unibail-Rodamco-Westfield.

<span class="mw-page-title-main">Meriden Mall</span> Shopping mall in Meriden, Connecticut

Meriden Mall is a shopping mall located in Meriden, Connecticut. With nearly 900,000 square feet, Meriden Mall is Connecticut's seventh largest mall, housing over 140 shops. The mall features Boscov's and TJ Maxx as anchors alongside specialty retailers such as Bath and Body Works, and Torrid.

South Shore Mall is a super-regional shopping mall in Bay Shore in Suffolk County, Long Island, New York, in the United States. The mall is owned by the Namdar Realty Group, and has 1,165,000 square feet (108,232 m2) of gross leasable area.

Christophe Cuvillier is a French businessman and current chief executive officer of the European real-estate group Unibail-Rodamco-Westfield.

Scentre GroupLimited is a shopping centre company with retail destinations operating under the Westfield brand in Australia and New Zealand. The corporation undertakes ownership, development, design, construction, funds/asset management, property management, leasing, and marketing activities for its centres. The group was created in June 2014 when the Westfield Group separated its American and European businesses from its operations in Australia and New Zealand. The company is listed on the Australian Securities Exchange and had a shopping centre portfolio that includes investment interests in 42 shopping centres across Australia and New Zealand in 2019, encompassing around 12,544 retail outlets and total assets under management in excess of A$39.4 billion in 2015.

<span class="mw-page-title-main">Westfield Corporation</span> Australian-based British-American shopping centre company

Westfield Corporation was an Australian commercial real estate company and operator of shopping centres. It was founded with the spin-off of the Westfield Group in 2014, where assets in Australia and New Zealand formed the Scentre Group, and assets in the United Kingdom and United States formed the Westfield Corporation. It was listed on the Australian Stock Exchange with the ticker symbol "WFD".

<span class="mw-page-title-main">Steven Lowy</span> Australian executive (born 1962)

Steven Mark Lowy is a leading Australian businessman and philanthropist. He is the former co-chief executive officer of Westfield Corporation, a leading global shopping centre company that was acquired by French company Unibail-Rodamco in 2018 in what was one of the largest transactions in Australian corporate history. His principal activities now focus on investments associated with the Lowy family's private company, Lowy Family Group, as well as a number of philanthropic and community roles including as Deputy Chairman of Australia's leading foreign policy think tank, the Lowy Institute; a director of the Lowy Foundation and Lowy Medical Research Foundation and Neurotech Pharmaceuticals Inc; President of the Hakoah Club; a board member and trustee of Keren Hayesod-UIA; and on the Executive and Board of Governors of the Jewish Agency for Israel.

<span class="mw-page-title-main">Westfield Mall of the Netherlands</span> Shopping mall in South Holland, Netherlands

Westfield Mall of the Netherlands is a shopping mall located in Leidschendam in the Netherlands. With a total retail floor area of 117,000 m2 (1,260,000 sq ft) it is the largest shopping mall in the Netherlands.

References

  1. ↑ "Europe: Largest Real Estate Companies 2018". Statista. Retrieved November 4, 2018.
  2. 1 2 3 "The Group at a glance". www.urw.com. Retrieved 2021-06-23.
  3. ↑ "The Group At A Glance". Unibail-Rodamco-Westfield. Retrieved November 4, 2018.
  4. ↑ Danziger, Pamela (December 19, 2017). "Will Unibail-Rodamco Give Westfield Malls A European Makeover". Forbes . Retrieved November 4, 2018.
  5. ↑ Unibail-Rodamco. "Unibail Historical Data" . Retrieved 2007-06-26.[ permanent dead link ]
  6. ↑ Unibail-Rodamco. "List of properties". Archived from the original on 2010-10-01. Retrieved 2007-06-26.
  7. ↑ Rodamco Europe. "History". Archived from the original on 2007-05-13. Retrieved 2007-06-26.
  8. ↑ Rodamco Europe. "Rodamco and Unibail merger". Archived from the original on 2007-09-27. Retrieved 2007-06-23.
  9. ↑ "Unibail, Rodamco to create European property leader". Reuters. April 10, 2007. Retrieved 2007-06-23.
  10. ↑ "Unibail secures merger with Rodamco Europe". Reuters. June 21, 2007. Retrieved 2007-06-23.
  11. ↑ "Amsterdam shares close slightly lower; Hagemeyer carries the day". AFX News. June 25, 2007. Retrieved 2007-06-26.[ dead link ]
  12. ↑ "Unibail-Rodamco SE". Bloomberg. March 15, 2013. Retrieved 2013-03-15.
  13. ↑ James Regan (15 May 2015). "Unibail sells German mall operator stake to Canada's CPPIB". Reuters. Retrieved 18 May 2015.
  14. ↑ Thakur Mahrotri, Pooja; Burgess, Matthew (12 December 2017). "Unibail Buys Westfield for $16 Billion as Mall Owners Merge". Bloomberg . Retrieved 12 December 2017.
  15. ↑ "Westfield expands to mainland Europe via shopping centre rebrands". retailgazette.co.uk. 2019-09-05. Retrieved 2019-09-20.
  16. ↑ "Unibail-Rodamco-Westfield appoints new CEO".
  17. ↑ Abboud, Leila (19 November 2020). "Unibail replaces chief executive as activists take control". Financial Times.
  18. ↑ MarketScreener. "UNIBAIL-RODAMCO-WESTFIELD SE : Shareholders Board Members Managers and Company Profile | FR0013326246 | MarketScreener". www.marketscreener.com. Retrieved 2021-06-23.
  19. ↑ Sustainability, awards and ratings, Unibail-rodamco.com
  20. ↑ "Standard Ethics Italian Index".
  21. ↑ Le Phare (The Lighthouse), Paris, France, Designbuild-network.com
  22. ↑ Joseph Ayoub, Tour Triangle, Whitezine, 7 June 2012
  23. ↑ Towers, buildings and consultations in La Défense, Nxtbook.fr
  24. ↑ Lyon Confluence / Jean-Paul Viguier et Associes, Arch Daily, 8 June 2012
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