New Nordstrom store
The new Nordstrom store at Westfield UTC mall. Photo by Chris Jennewein

Westfield Corp., which operates malls in the San Diego area, around the nation and in Britain, is being sold to French commercial real estate giant Unibail-Rodamco in a $16 billion deal, the two companies announced Tuesday.

The cash-and-stock deal values shares of Australia-based Westfield at $7.55 a share, an 18 percent premium over Monday’s closing price, the Los Angeles Times reported.

Westfield’s 16 California locations include Westfield Mission Valley, Westfield Horton Plaza and Westfield UTC. The company also owns Westfield Culver City (which recently completed a $1 billion makeover), Westfield Topanga, Westfield Fashion Square in Sherman Oaks and Westfield Valencia Town Center in Santa Clarita.

The deal makes it possible for Unibail-Rodamco, Europe’s largest publicly traded commercial real estate company, to expand into “new attractive real estate markets,” including London and wealthy areas of the U.S., Christophe Cuvillier, chief executive of Unibail-Rodamco, said in a statement.

Unibail-Rodamco owns and operates 69 shopping centers in Europe including in Paris, Madrid, Stockholm, Amsterdam and Munich. The company also is developing malls in Brussels and Hamburg, Germany, according to The Times.

— City News Service