Westfield Corporation
| Company type | Public |
|---|---|
| Industry | Real estate investment trust, Shopping centre management |
| Predecessor | Westfield Group |
| Founded | 2014 |
| Defunct | 2018 |
| Fate | Acquired by Unibail-Rodamco |
| Successor | Unibail-Rodamco-Westfield |
| Headquarters | Australia |
Area served | Australia, New Zealand, United Kingdom, United States, Europe |
Key people | John Saunders (founder), Frank Lowy (founder) |
| Products | Ownership, development, architectural design, construction, fund and asset management, property oversight, leasing, marketing of retail centres |
Westfield Corporation was an Australian-based enterprise focused on the ownership and management of shopping centres. Established in 2014 as a result of the demerger of the Westfield Group, it separated its Australian and New Zealand holdings into the Scentre Group, while maintaining control over its UK and US assets under the Westfield Corporation banner. The company was listed on the Australian Stock Exchange with the ticker symbol "WFD".
In December 2017, French real estate firm Unibail-Rodamco proposed a $32.8 billion acquisition bid for Westfield, excluding its Westfield Labs division. This transaction was finalized in June 2018, after which the merged entity adopted the name Unibail-Rodamco-Westfield.
Westfield's business operations included a comprehensive range of activities such as ownership, development, architectural design, construction, fund and asset management, property oversight, leasing, and marketing of retail centres. Its portfolio comprised equity stakes in 40 shopping centres across Europe and the United States, encompassing roughly 7,500 retail tenants and managing assets valued at over $28.5 billion. Additionally, the company operated Westfield Labs, an innovation centre dedicated to technology and design located within the Westfield San Francisco Centre.
History
The inaugural Westfield project, known as "Westfield Place," debuted in July 1959 in Blacktown. The brand name merges "west," indicating its location in western Sydney, with "field," a nod to the site's agricultural past. This development was initiated by founders John Saunders and Frank Lowy.
Westfield entered the Australian Stock Exchange in 1960 and rapidly grew by constructing five additional centres within New South Wales before expanding into Victoria and Queensland during 1966–67.
The company's entry into the U.S. market commenced in 1977 with the acquisition of Trumbull Shopping Park in Connecticut. Throughout the 1980s, it expanded further by acquiring properties in California, Michigan, New Jersey, and New York. A significant milestone occurred in 1994 when Westfield collaborated with General Growth and Whitehall Real Estate to acquire 19 centres for $1 billion USD. By 2005, Westfield held assets across fifteen states within the United States.
During the 1990s, Westfield broadened its presence in New Zealand by purchasing and rebranding Fletchers' shopping centres, culminating with the launch of Westfield Albany in 2007.
On 9 May 2006, Westfield divested eight U.S.-based shopping centres that were outside its core strategic focus to Centro Properties Group.
In 2010, Westfield transferred half ownership of its Australian and New Zealand property portfolio into the Westfield Retail Trust (WRT), which later merged into the Scentre Group as part of a corporate restructuring completed in 2014.
By December 2017, Westfield's board had endorsed a $24.8 billion USD takeover offer from European real estate leader Unibail-Rodamco, with the deal closing mid-2018 to form Unibail-Rodamco-Westfield.
Properties
Westfield held ownership interests in more than 100 shopping malls worldwide, covering locations throughout the United States, United Kingdom, France, Spain, Germany, Poland, Sweden, The Netherlands, and Italy.