Westfield

International property tycoon Frank Lowy has agreed to sell his business empire to ­European shopping centre giant ­Unibail-Rodamco for almost $33 billion in Australia’s biggest takeover, raising doubts over the future of the bricks-and-mortar mall.

The declines in department store and discount department store sales could accelerate and hit major listed landlords Scentre Group and Vicinity Centres hard if this country follows the path of the United States, according to Macquarie Equities.

Real estate groups heavily exposed to Amazon’s entry into Australia have been hit by investor fears that older shopping centres will be decimated by the online giant, but some players will suffer more than their more agile rivals. This article originally appeared on theaustralian.com.au/property.

Listed heavyweight the Scentre Group is striking up an alliance with superannuation fund-backed Cbus Property as it moves to acquire Sydney’s landmark David Jones store. This article originally appeared on theaustralian.com.au/property.

International retail landlord Westfield Corporation has had its profit expectations downgraded by Macquarie because of the volatile British and US retail markets and fluctuating currencies. This article originally appeared on theaustralian.com.au/property.

Westfield Corporation co-chief executive Peter Lowy says the company has dramatically transformed since the global financial crisis. This article originally appeared on theaustralian.com.au/property.