European retail giant Unibail-Rodamco has reportedly agreed to take over Westfield Corp., another retail giant, for $15.7 billion. The move consolidates two of world’s largest mall operators after Westfield's shares fell 9% amid a decline in retail. Westfield Corp. operates the Westfield World Trade Center located in the Oculus at the WTC Transportation Hub designed by Santiago Calatrava, in addition to Garden State Plaza, among other upscale shopping centers in London. The London locations were reportedly of interest to Unibail-Rodamco who was looking to expand to the market; their current holdings include the Forum des Halles and Les 4 Temps in Paris, the Gropius in Berlin, and other markets across Western and Central Europe. Westfield Chairman Frank Lowy said the move recovers value for shareholders after foot traffic did not reach expected levels and declines in retail, while Unibail-Rodamco increased their portfolio's reach to London, New York and other more affluent locations.
