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European Realtors Buy Garden State Plaza In Nearly $16 Billion Deal

The Westfield Corp. owns the Garden State Plaza in Paramus.
The Westfield Corp. owns the Garden State Plaza in Paramus. Photo Credit: Wikipedia

PARAMUS, N.J. — The Garden State Plaza will soon have a new owner as part of a nearly $16 billion transaction announced Tuesday.

The Australian-based Westfield Corporation has been acquired by Unibail-Rodamco, headquartered in Paris, for $15.7 billion.

Westfield Corp owns Paramus' Garden State Plaza -- the largest shopping center in New Jersey -- and the shopping center at the World Trade Center.

"The acquisition of Westfield is a natural extension of Unibail-Rodamco's strategy of concentration, differentiation and innovation," Unibail-Rodamco Chief Executive Christophe Cuvillier said in a news release.

"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.

"We believe that this transaction represents a compelling opportunity for both companies to realize benefits not available to each company on a standalone basis, and creates a strong and attractive platform for future growth."

The mall operators would combine forces -- holding property valued at nearly $72.2 billion -- and provide Unibail-Rodamco access to many large properties in the U.S. and Britain.

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