Westfield Corporation was an Australian
commercial real estate
Commercial property, also called commercial real estate, investment property or income property, is real estate (buildings or land) intended to generate a profit, either from capital gains or rental income. Commercial property includes office ...
company and operator of
shopping centre
A shopping center ( American English) or shopping centre (Commonwealth English), also called a shopping complex, shopping arcade, shopping plaza or galleria, is a group of shops built together, sometimes under one roof.
The first known colle ...
s. It was founded with the
spin-off
Spin-off may refer to:
*Spin-off (media), a media work derived from an existing work
*Corporate spin-off, a type of corporate action that forms a new company or entity
* Government spin-off, civilian goods which are the result of military or gov ...
of the
Westfield Group
Westfield Group was an Australian shopping centre company that existed from 1960 to 2014, when it split into two independent companies: Scentre Group, which owns and operates the Australian and New Zealand Westfield shopping centre portfolio ...
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".
Westfield accepted a $32.8 billion
takeover
In business, a takeover is the purchase of one company (the ''target'') by another (the ''acquirer'' or ''bidder''). In the UK, the term refers to the acquisition of a public company whose shares are listed on a stock exchange, in contrast to ...
offer from
Unibail-Rodamco, excluding Westfield Labs, on 12 December 2017. The takeover was completed, and parent company was renamed
Unibail-Rodamco-Westfield
Unibail-Rodamco-Westfield SE (previously Unibail-Rodamco SE) is a French commercial real estate company headquartered in Paris, France. Its history originates with the formation of two separate shopping centre operators, Unibail (founded in Fra ...
, in June 2018.
Westfield undertook ownership, development, design, construction, funds/asset management,
property management, leasing, and marketing activities for its centres. Its portfolio included investment interests in 40 shopping centres across the United States and Europe, encompassing around 7,500 retail outlets and total
assets under management in excess of $28.5 billion. It also operated Westfield Labs, a technology and design arm based inside the
Westfield San Francisco Centre.
History
The first development of the Westfield Corporation was named "Westfield Place", and opened in July 1959 in
Blacktown. The name Westfield is derived from "west" related to the
West-Sydney location, and "field" due to having been located on subdivided farmland. The centre was opened by John Saunders and Frank Lowy.
The company was floated on the Australian Stock Exchange in 1960 and built another five centres in New South Wales before expanding into Victoria and Queensland in 1966–67.
The expansion into the United States began with the purchase of the
Trumbull Shopping Park in Connecticut in 1977, and was followed by three centres in California, Michigan, and Connecticut in 1980 and three centres in California, New Jersey, and Long Island, New York in 1986.
In 1994, Westfield collaborated with General Growth and Whitehall Real Estate to purchase 19 centres for US$1 billion. By 2005, the company owned centres in 15 US states.
In the 1990s, Westfield began a major expansion to
New Zealand
New Zealand ( mi, Aotearoa ) is an island country in the southwestern Pacific Ocean. It consists of two main landmasses—the North Island () and the South Island ()—and over 700 smaller islands. It is the sixth-largest island coun ...
, where they mostly bought existing shopping centres of the Fletchers company, and progressively rebranded them. In 2007, with
Westfield Albany
Westfield Albany is a shopping centre in the Auckland suburb of Albany, New Zealand, opposite the Albany Lakes Civic Park. It is majority owned (51%) by Scentre Group with the remainder owned by the Singapore Government's GIC. Until 2014 it w ...
, the company opened a new centre in the country.
On 9 May 2006, Westfield announced the sale of eight United States shopping centres which it deemed to fit outside its strategic plan, to
Centro Properties Group.
In 2010, the Westfield Group split 50% of its Australian and New Zealand assets into the Westfield Retail Trust, trading on the Australian Stock Exchange as WRT. This trust was folded into the
Scentre Group during the 2014 split.
In December 2017 the Westfield Board announced that it was recommending a takeover of the company by
Unibail-Rodamco, one of the largest real estate companies in Europe, for a reported $24.8bn USD. The takeover was completed, and parent company was renamed
Unibail-Rodamco-Westfield
Unibail-Rodamco-Westfield SE (previously Unibail-Rodamco SE) is a French commercial real estate company headquartered in Paris, France. Its history originates with the formation of two separate shopping centre operators, Unibail (founded in Fra ...
, in June 2018.
Properties
Westfield had interests in over 100
shopping malls worldwide, including the United States, the United Kingdom, France, Spain, Germany, Poland, Sweden, The Netherlands and Italy.
See also
*
Lend Lease Corporation
*
Shopping property management firms
References
External links
*
{{Authority control
Companies formerly listed on the Australian Securities Exchange
Shopping center management firms
Shopping centres in the United Kingdom
Defunct companies of Australia
Real estate companies established in 2014
Real estate companies disestablished in 2018
2018 mergers and acquisitions
Corporate spin-offs
Australian companies established in 2014
Australian companies disestablished in 2018