The schemes in relation to French real estate investment trust Unibail-Rodamco SE's US$15.68 billion takeover of Westfield Corp. and the demerger of the Australian mall company's retail technology unit OneMarket Ltd. were implemented June 7, as planned.
The implementation of the schemes finalizes Unibail-Rodamco's acquisition of Westfield, creating Unibail-Rodamco-Westfield.
Unibail-Rodamco said in a separate release that the merged entity owns a mixed portfolio of retail properties, including 102 shopping centers across 13 countries, as well as offices and convention and exhibition venues. The portfolio is valued at €62 billion, based on the proportionate gross market value as of Dec. 31, 2017. The combined entity also has a development pipeline of €13 billion as of 2017-end.
Westfield is set to file an application to delist its shares from the Australian stock exchange, a move that was previously slated to occur May 30.
As part of the schemes' execution, the Australian retail landlord giant said its security holders were issued 0.01844 of Unibail stapled security plus US$2.67 in cash for each Westfield security tendered. Eligible Westfield security holders will be issued Unibail chess depositary interests June 8, according to a release.
Additionally, the holders that also owned shares of its unit Westfield Corp. Ltd., or WCL, were transferred the demerger scheme consideration, equal to one OneMarket share for every 20 WCL shares.
Post implementation of the schemes, Westfield appointed Michel Dessolain, Jaap Tonckens, David Zeitoun, Mike Britton and Tim Jarvis as directors of WCL and Jean-Marie Tritant, Dessolain, Britton and Jarvis as directors of subsidiary Westfield America Management Ltd., or WAML.
The appointments were in place of outgoing directors of WCL and WAML, namely Westfield Chairman Frank Lowy, Westfield President Michael Gutman, Brian Schwartz, Ilana Atlas, Roy Furman, Jeffrey Goldstein, Mark G Johnson, Mark R Johnson,
Simon Tuxen stepped down as company secretary of WCL and WAML, and was replaced by Eleanor Hutton.
