Westfield shopping centres bought for $25bn

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The owner of Westfield shopping centres is being bought for $24.7 bn( PS18. 5bn) in a deal that will see the malls launched in new marketplaces.

Australia’s Westfield Corporation has agreed to be sold to French property group Unibail-Rodamco.

There are 35 Westfield shopping centres in the UK and the US, while Unibail-Rodamco has 71 sites in Europe.

Unibail-Rodamco said the takeover would result in a “progressive roll-out of the world famed Westfield brand”.

The takeover is the second major deal involving shopping centre property owners to have appeared in precisely over a week.