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$2.2B Rodamco North America Sale Given Green Light

LONDON-The shareholders in the Dutch-based property group Rodamco North America have cleared the way for the company's sale to Australian and US investors led by Westfield Holdings.

By Graham Parker | Updated on March 26, 2002

LONDON-An extraordinary general meeting of the shareholders in Rodamco North America has voted by an 88% majority to sell all the company’s assets to Westfield America Trust, Simon Property Group and The Rouse Company. The decision ends months of legal wrangling, which culminated last week with the Amsterdam Chamber of Commerce finding mismanagement at Rodamco as the company had tried to wriggle out of Westfield’s clutches.

Rodamco North America owns 35 shopping malls across the USA. Westfield will take 14 of these, primarily in California, which will reportedly make it the second-biggest owner of US malls. Simon Property Group–the market leader–will take 13 with the other eight going to the Rouse Company. The bidders are paying $2.2 billion –or €54.11 per share–for the assets.

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