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Unibail-Rodamco-Westfield SE

Headquarters in Paris, France
Type	Societas Europaea
Traded as	Euronext: URW CAC 40 Component
Industry	Commercial real estate
Genre	Shopping centres office buildings convention centers
Founded	June 27, 2007; 11 years ago (2007-06-27)
Headquarters	Paris , France
Key people	Christophe Cuvillier (CEO) Colin Dyer (chairman of the supervisory board)
Net income	€1.318 billion (2012)
Total assets	€39.3 billion (2016)
Total equity	€17.83 billion (2013)
Number of employees	3700 (2018)
Website	urw.com

Unibail-Rodamco-Westfield SE (previously Unibail-Rodamco SE) is a European commercial real estate company headquartered in Paris, France. Its history originates with the formation of two separate shopping centre operators, Unibail (founded in France in 1968) and Rodamco Europe (founded in the Netherlands in 1999), which merged in 2007 and became a societas Europaea in 2009. The company merged with the Australian shopping centre operator Westfield Corporation, created by the split of Westfield Group, in 2018.

As of 2018, Unibail-Rodamco-Westfield is the largest commercial real estate company in Europe,^[1] and is a component of the Euro Stoxx 50 stock market index.^[2] Its portfolio consists of retail property, office buildings, and convention centers within Europe and North America.^[2] Many of its shopping centres are named with the Westfield branding that was originated by Westfield Group in 1960 and has been shared with Scentre Group for properties in Australia and New Zealand since 2014. Retail properties owned by Unibail-Rodamco before the merger will be converted to the Westfield naming convention.^[3]

History[edit]

Background[edit]

Unibail was founded as a finance leasing unit in 1968 by the company then known as Worms & Cie. In 1991, the company started to focus on the property investment sector, and to phase out involvement in lease financing. Unibail built up a portfolio of property with close to 30 shopping centres across France - including the Forum des Halles and the arcade within CNIT - and substantial office properties in Paris and La Défense - including the Tour Ariane, and the Paris Expo group of convention centres.^[4][5] Rodamco Europe was formed in 1999 when Rodamco, a property investment fund set up by the Dutch asset management group Robeco in 1979, was broken up into various independent listed companies covering different parts of the world. Rodamco Europe subsequently collected a portfolio primarily consisting of shopping centres and other retail spaces across 14 European countries, along with some office property in France and the Netherlands, acquiring smaller European rivals in the process.^[6]

2007–2017: Unibail-Rodamco[edit]

Unibail-Rodamco logo, used until 2018

On April 10, 2007, Rodamco Europe announced an agreement to conduct a merger of equals^[7] with Unibail to create the largest publicly traded property company in Europe.^[8] The merger was confirmed on June 21, 2007, after Unibail announced the acquisition of 80% of Rodamco's shares, making its offer for the remainder unconditional.^[9] The merged entity took effect as a société anonyme under the new name Unibail-Rodamco on June 25, 2007.^[10]

On June 1, 2011, Unibail-Rodamco hired former FNAC CEO Christophe Cuvillier as the new COO. In collaboration with CEO and Chairman of the Board Guillaume Poitrinal, he has led the company to 5 years of growth in spite of the tough economic conditions.^[11]

In May 2015, Unibail revealed it had signed an agreement with the Canada Pension Plan Investment Board to sell its 46.1 percent stake in German shopping mall operator MFI AG for €394 million.^[12]

2018–present: Merger with Westfield[edit]

Westfield logo, in use from 1960–present

In December 2017, Unibail took over Westfield Corporation, which operates 35 shopping centres in the US and the UK, for a reported price of US$24.8bn. The Australian shopping centres branded as Westfield and held by Scentre, were not acquired by Unibail.^[13] The deal was completed in June 2018, and the shopping centres owned by Unibail-Rodamco before the merger had their names modified to have the Westfield brand.

Corporate affairs[edit]

Management[edit]

• 
  Christophe Cuvillier – Group Chief Executive Officer


• Jaap L. Tonckens – Group Chief Financial Officer


• Astrid Panoysan – Group Chief Resources Officer


• Olivier Bossard – Group Chief Development Officer


• Jean-Marie Tritant – President US


• Peter Huddle – Chief Operating Officer US


• Michel Dessolain – Chief Operating Officer [[Europe[[


• Peter Miller – Chief Operating Officer UK, [[Italy[[, Benelux


• Fabrice Mouchel – Chief Financial Officer [[Europe[[


• Gerard Sieben – Chief Financial Officer WFD Unibail-Rodamco N.V.

Shareholders[edit]

Unibail-Rodamco-Westfield is 100% free float, no shareholder holds more than 10% of the share capital:^[14] Shareholder structure as of October 31, 2012:^[15]

• APG Asset Management – 9,2%


• Amundi AM – 4,2%


• Northern Cross – 3,6%


• 
  BlackRock – 3,2%


• 
  State Street Global Advisors – 3,09%


• Other – 76,2%

Indexes[edit]

Unibail-Rodamco-Westfield is listed in several indexes, including:^[16]

• FTSE4Good (since 2008)


• Dow Jones Sustainability Index (World since 2008 and Europe since 2010)


• Advanced Sustainability Performance Eurozone Index (since 2010)


• Ethibel Sustainability Index (since 2011)


• ECPI Index (since 2011)


• STOXX® Global ESG Leaders Index (since 2011)


• Standard Ethics French Index (since 2015)

Unibail-Rodamco-Westfield is rated A by Standard & Poor’s and Fitch Ratings.

In 2015, Standard Ethics Aei has given a rating to Unibail-Rodamco-Westfield in order to include it in its Standard Ethics French Index.^[17]

Assets[edit]

Centrum Chodov, largest shopping mall in Prague owned by Unibail-Rodamco-Westfield

To conceive and design its buildings, Unibail-Rodamco-Westfield works with high-end architectural firms like Thomas Mayne of Morphosis firm,^[18]Herzog & de Meuron,^[19] RIADH group (De La Hoz, Cottrell, Michelangeli), the firm Architecture Farshid Moussavi, Cuno & Jean Brullmann Crochon-Luc,^[20]Jean-Paul Viguier,^[21] Epstein & Glaiman / Recevki Architecture, Araldo Cossutta & Ponte, and Arte-Charpentier.

References[edit]

External links[edit]

• Unbail-Rodamco-Westfield corporate website


• Westfield commercial website