There is an overlooked aspect of Unibail Rodamco’s $16B purchase of Westfield that may be the most interesting part of the deal. As part of the transaction, the PropTech division set up by Westfield in 2012 will be spun off into a separate listed company with a value of about $305 million.
Previously called Westfield Labs and now rechristened OneMarket, it will be the first publicly listed PropTech company — and its ambitions are huge. It is not just developing an individual PropTech product or series of products — it is looking to create a network of every retail scheme and physical retailer in the U.S. and Europe, connecting them and helping them share data and information.. . . more