Shopping centre giant Westfield , which is preparing to open its expansion in the new year, is to be taken over in a mega multi-billion pound deal.

It is being taken over by Unibail-Rodamco in a £18.5bn deal, which will create a property titan worth £54bn spanning countries including Australia, Britain, France, Spain and the United States.

Westfield London in Shepherd’s Bush is set to become Europe’s largest shopping centre when it marks its 10th anniversary with the opening of its new expansion .

It will include a flagship John Lewis store , huge new Primark and many other retailers.

Several, such as H&M, Monsoon, Cath Kidston and Adidas will also relocate from its existing position within the shopping centre into new units in the extension.

Westfield chairman Frank Lowy said: “The transaction announced today is the culmination of the strategic journey Westfield has been on since its 2014 restructure.

“We see this transaction as highly compelling for Westfield’s security holders and Unibail-Rodamco’s shareholders alike. Unibail-Rodamco’s track record makes it the natural home for the legacy of Westfield’s brand and business.”

Under the deal, Paris-based Unibail pay shareholders in Australia’s Westfield Corporation - which has giant malls in London’s White City and Stratford - 7.55 a share at a 17.8% premium.

The new retailers setting up shop at Westfield

Westfield

Unibail chief executive Christophe Cuvillier said: “The acquisition of Westfield is a natural extension of Unibail-Rodamco’s strategy of concentration, differentiation and innovation.

“It adds a number of new attractive retail markets in London and the wealthiest catchment areas in the United States. It provides a unique platform of superior quality shopping destinations supported by experienced professionals of both Unibail-Rodamco and Westfield.”

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