PHOTO: LOUISE KENNERLEY – Frank Lowy, pictured with son Steven, and then business partner John Saunders built up their Westfield shopping centre empire from scratch.
Australian Sir Frank Lowy’s almost 57-year reign as a shopping centre czar is about to come to an end after Europe’s largest listed commercial property company agreed to buy his Westfield Corp in a NZ$35.6 billion deal.
The boards of Westfield and Unibail-Rodamco have unanimously recommended the deal.
Under the terms of the agreement, Westfield security holders will receive cash and shares in Unibail-Rodamco, valuing each Westfield security at $10.9 – a 17.8 per cent premium to Westfield’s closing price on Monday.
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