European Company To Purchase Garden State Plaza

PARAMUS, NJ — The state's largest shopping center, Garden State Plaza, will be sold to a Paris-based company according to a sale agreement announced Tuesday.

Unibail-Rodamco SE will acquire Westfield Corporation to create "The world's premier developer and operator of flagship shopping destinations." Both Westfield's Board of Directors and Unibail-Rodamco's Supervisory Board unanimously recommended the $15.7 billion transaction.

Christophe Cuvillier, Unibail-Rodamco's chief executive officer said in a statement that the transaction "adds a number of new attractive retail markets in London and the wealthiest catchment areas in the United States" and "provides a unique platform of superior quality shopping destinations supported by experienced professionals of both Unibail-Rodamco and Westfield."

Frank Lowy, Westfield's chairman of the board, said Unibail-Reodamco's "track record makes it the natural home for the legacy of Westfield's brand and business. We look forward to seeing Westfield continue to grow as part of the world's premier owner of flagship shopping destinations."

The Garden State Plaza opened in 1957. It was the first shopping mall to open in North Jersey and was originally owned by R.H. Macy & Co., NorthJersey.com reported.

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