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Rodamco Splits US Malls Three Ways in $5.3-Bil Sellout

NEW YORK CITY-Ending months of takeover talks, Rodamco will split its US mall business three ways--among Westfield Holdings of Australia, and US-based Rouse and Simon Property Group.

By John Salustri | Updated on January 14, 2002

NEW YORK CITY-Takeover battles have been quieted as Dutch firm Rodamco North America NV gives in and sells out to three of the world’s biggest-name mall operators: Westfield America, Simon Property Group and Rouse. Among the three winners of the $5.3-billion deal, approved by the board of directors of each of the companies, Australia’s Westfield is the leader, with some 14 of the firm’s total of 35 properties going to its portfolio. Simon Property Group will walk away with 13 malls and Rouse will now have eight new facilities in its portfolio.

In terms of value, reports put Westfield’s gain at 43% of the total Rodamco portfolio, while Simon and Rouse garner 30% and 27% respectively. Many of the properties flipped in the sale are expected to be shed once the deal is finalized sometime in this quarter. Presumably those sales will be based on performance and alignment with the new owners’ growth strategies. Top performers in the portfolio garner sales topping $450 persf and are 93% occupied.

Among the trophy properties in Simon’s take are Boston’s Copley Plaza and partial ownership of Houston’s Galleria Mall. Included in Rouse’s gains is a partial stake in the Century City Shopping Center in LA.

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