RNA shareholders approve Westfield America Trust/Simon/Rouse transaction
26 March 2002
Countries: United States
Westfield America Trust today welcomed the decision by RodamcoNorth America shareholders to approve the acquisition of thecompany’s assets by Westfield America Trust, the Simon PropertyGroup and The Rouse Company at an EGM held in Rotterdam,Holland.
The resolution relating to the sale of the assets and subsequentliquidation of RNA was approved by 87% of shareholders eligible tovote. Out of a total of 25.6 million shares voted, 22.2 millionwere in favour of the resolution, 3.3 million were against and asmall number abstained. Excluding Westfield Holdings, 77% of sharesrepresented at the meeting were voted in favour of thetransaction.
The acquisition is to be completed in early May, followingmeetings of Westfield Holdings shareholders and Westfield AmericaTrust members to be held on 29 April to approve various aspects ofthe financing of the transaction.
Westfield America Trust will acquire 14 of the RNA centres,including several of the highest-profile shopping centres in theUnited States, such as Century City in Los Angeles, the Old OrchardCenter in Skokie, Illinois and the San Francisco Shopping Center inCalifornia.
The addition of the RNA centres will increase Westfield’spresence in its existing markets of northern California, LosAngeles and Ohio and open up two new markets in Chicago, Illinois,and Tampa, Florida, providing an improved geographic spread ofassets across the US.
It will increase the number of clusters of Westfield centresfrom 7 to 11, providing greater branding and leasing opportunitiesand marketing efficiencies.
Westfield has identified redevelopment projects among the 14 RNAcentres amounting to A$2.3 billion which will be carried out overthe long term.
Upon completion of this transaction, Westfield America Trustwill have 61 centres in the US, with more than 8,000 retailers in5.8 million square metres of retail space.