Couldn’t help noticing that it’s been a good week for the Lowys.
First, Frank gets a knighthood from the Queen. It’s a British award, and I guess it comes if you’ve developed two of the largest shopping complexes in London.
Then the Lowys recommended that the shareholders in Westfield Corporation accept a $33 billion takeover offer.
Well, actually the Lowy family own only about 9.5% of Westfield Corporation, but they’ll end up with over $3 billion if the deal goes ahead (although some of this will be held in shares in the bidder, Unibail-Rodamco). They also get to keep an interest in the Westfield retail technology platform (OneMarket).
I’ve never quite worked out how the Lowys and Westfield managed to construct two large shopping centres in inner London, with no-one else being able to build anything like them. That said, I think Chadstone is “shiner” and more impressive than either Shepherds Bush or Stratford (although whether or not that makes Chadstone “better” I’m not sure).
At left - Westfield Stratford