Westfield takeover will boost property market: Perpetual

The $32 billion Unibail-Rodamco takeover of Westfield is expected to release a flood of capital into Australia’s property market.

About 35 per cent of the Unibail-Rodamco payout will be in cash to the Lowy family as well as offshore investors and domestic shareholders, pumping $7 billion into what’s likely to be reinvested into Australia’s $120 billion listed property sector.

Westfield has a fair slice of that sector, accounting for 13 per cent of it.

“Westfield’s portfolio of assets are some of the highest productivity shopping malls in the world,” Paul Skamvougeras head of equities at Perpetual, which owns 3 per cent of Westfield told the Australian Financial Review.

“The offer from Unibail–Rodamco is a fair reflection of the quality of Westfield malls and the future value accretion to come from a significant development pipeline.”

“The combined group will be in a powerful position in offering to retailers and shoppers, the best performing malls, in the most popular cities of Europe and North America.”

“We welcome this offer and the recognition of the value of our investment in Westfield.”

 

 



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