Gide advised Unibail-Rodamco-Westfield SE in connection with the simplification of its legal structure through de-stapling

Gide advised Unibail-Rodamco-Westfield SE (« URW SE ») on its internal reorganisation designed to simplify the Group’s legal structure through the de-stapling of URW’s stapled shares, consisting of the ordinary shares issued by URW SE and the class A shares issued by Unibail-Rodamco-Westfield N.V. (“URW NV”).

This reorganisation, approved by URW SE AGM on May 6, 2026 and URW NV AGM on June 18, 2026, was completed on June 25, 2026, following the intragroup merger between URW NV (as merged entity) and Westfield US B.V., a newly incorporated wholly owned direct subsidiary of URW NV.

Following this reorganisation, which resulted in the de-stapling of the stapled shares, only ordinary shares in URW SE are traded on Euronext (under the same ISIN code as previously used for the stapled shares).

This internal reorganisation brings to an end the innovative stapled shares structure that was put in place in 2018 as part of Unibail-Rodamco’s acquisition of Westfield and the listing of the new Unibail-Rodamco-Westfield group in France and the Netherlands (as well as in Australia via the Chess Depositary Interests).

The Gide team includes:

• Marcus Billam, partner, and Pierre Zejma, counsel, on Corporate / M&A aspects; and
• Sami Toutounji, partner, and Jérémy Lereau-Colonna, associate, on Employee Share aspects.

Unibail-Rodamco-Westfield was also advised by Darrois Villey Maillot Brochier on French Corporate / M&A and Capital Markets aspects, and by NautaDutilh on Dutch Corporate / M&A aspects.