Darrois Villey Maillot Brochier advised Unibail-Rodamco-Westfield SE on its internal reorganisation resulting in the de-stapling of URW shares

Paris, July 3, 2026

Darrois Villey Maillot Brochier advised Unibail-Rodamco-Westfield SE (“URW SE”) on its internal reorganisation aimed at simplifying the URW Group’s legal structure and resulting in the de-stapling of URW’s stapled shares, comprising URW SE ordinary shares and Unibail-Rodamco-Westfield N.V. (“URW NV”) class A shares.

This reorganisation, approved respectively on May 6, 2026 and June 18, 2026 by the annual general meetings of URW SE and URW NV, was completed on June 25, 2026, following the intragroup merger of URW NV with and into Westfield US B.V., a newly incorporated wholly-owned subsidiary of URW NV.

Following completion of this reorganisation, resulting in the dissolution of URW NV (absorbed entity) and the de-stapling of the stapled shares, URW SE holds 100% of Westfield US B.V. and remains listed on Euronext Paris (under the same ISIN code as previously used for the stapled shares).

This internal reorganisation ends the innovative stapled share structure which had been implemented in 2018 in the context of the acquisition of Westfield by Unibail-Rodamco and the listing of the new Unibail-Rodamco-Westfield group in France and the Netherlands (as well as in Australia through Chess Depositary Interests).

The Darrois Villey Maillot Brochier team includes Hugo Diener and Isabelle Touré-Farah (partners), Paul Bertrand (counsel) and Aurélia Defouilhoux (associate) on corporate, M&A and Capital markets aspects.