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Stapled Share Principles



The Unibail-Rodamco-Westfield shareholders will hold Stapled Shares, each comprising one Unibail-Rodamco Share and one share in WFD Unibail-Rodamco N.V. The Stapled Shares will be listed on Euronext Amsterdam (market of reference) and Euronext Paris, with ISIN code FR0013326246 and ticker URW. Unibail-Rodamco-Westfield will also establish a secondary listing on the Australian Securities Exchange (ASX) to allow former Westfield securityholders to trade Stapled Shares locally in the form of CDIs. Holders of Stapled Shares will benefit from all rights and be subject to all obligations as shareholders of both Unibail-Rodamco and WFD Unibail-Rodamco N.V.(²) Any holder of Stapled Shares will hold both Unibail-Rodamco Shares and WFD Unibail-Rodamco N.V. Class A Shares. Consequently, such holder will be entitled to receive dividends and other distributions that are declared by Unibail-Rodamco on the Unibail-Rodamco Shares as well as dividends and other distributions that are declared by WFD Unibail-Rodamco N.V. on the WFD Unibail-Rodamco N.V. Class A Shares.

To effect the stapling of Unibail-Rodamco Shares with WFD Unibail-Rodamco N.V. Class A Shares into a Stapled Share, and in order to achieve a situation where holders of Unibail-Rodamco Shares and WFD Unibail-Rodamco N.V. Class A Shares (other than any entity of the Stapled Group) hold an interest in both Unibail-Rodamco and WFD Unibail-Rodamco N.V. (as if they held an interest in a single, combined, Company), the Unibail-Rodamco Articles and the WFD Unibail-Rodamco N.V. Articles have been amended to integrate the “Stapled Share Principle”.



The Stapled Share Principle entails the following:

  • no Unibail-Rodamco Share or WFD Unibail-Rodamco N.V. Class A Share can be (i) issued to, or subscribed for by, (ii) transferred to or, subject to applicable law, pledged or otherwise encumbered by, or (iii) released from any encumbrance by others than any entity of the Stapled Group, in each case except together with a WFD Unibail-Rodamco N.V. Class A Share or Unibail-Rodamco Share, as the case may be, in the form of a Stapled Share;
  • no right to subscribe for one or more Unibail-Rodamco Shares or WFD Unibail-Rodamco N.V. Class A Shares can be (i) granted to or exercised by, (ii) terminated by, (iii) transferred to or, subject to applicable law, pledged or otherwise encumbered by, or (iv) released from any encumbrance by others than any entity of the Stapled Group, in each case except together with a corresponding right to subscribe for an equal number of WFD Unibail-Rodamco N.V. Class A Shares or Unibail-Rodamco Shares, as the case may be, in the form of an equal number of Stapled Shares;
  • all shareholders, other than any entity of the Stapled Group, must refrain from (i) acquiring any Unibail-Rodamco Share or WFD Unibail-Rodamco N.V. Class A Share, (ii) acquiring, exercising or terminating any right to subscribe for one or more Unibail-Rodamco Shares or WFD Unibail-Rodamco N.V. Class A Shares, or (iii) creating or acquiring a usufruct, pledge or other encumbrance over any Unibail-Rodamco Share or WFD Unibail-Rodamco N.V. Class A Share or any right to subscribe for one or more Unibail-Rodamco Share or WFD Unibail-Rodamco N.V. Class A Shares, in each case except (if it concerns a Unibail-Rodamco Share or WFD Unibail-Rodamco N.V. Class A Share) together with a WFD Unibail-Rodamco N.V. Class A Share or a Unibail-Rodamco Share, respectively, in the form of a Stapled Share or (if it concerns a right to subscribe for one or more Unibail-Rodamco Shares or WFD Unibail-Rodamco N.V. Class A Shares) together with a corresponding right to subscribe for an equal number of WFD Unibail-Rodamco N.V. Class A Shares or Unibail-Rodamco Shares, as the case may be, in the form of an equal number of Stapled Shares; and
  • subject to applicable law, the Unibail-Rodamco Management Board, Unibail-Rodamco Supervisory Board, WFD Unibail-Rodamco N.V. Management Board and WFD Unibail-Rodamco N.V. Supervisory Board shall take all necessary actions to ensure that, at all times, the number of Unibail-Rodamco Shares issued and held by others than any entity of the Stapled Group is equal to the number of WFD Unibail-Rodamco N.V. Class A Shares issued and held by others than any entity of the Stapled Group.

As a result of the Stapled Share Principle, Unibail-Rodamco Shares and WFD Unibail-Rodamco N.V. Class A Shares cannot be transferred separately (except for transfers to entities of the Stapled Group), but only as Stapled Shares. All Unibail-Rodamco Shareholders and WFD Unibail-Rodamco N.V. Shareholders must comply with the Stapled Share Principle.

Each security comprising the Stapled Share, being the Unibail-Rodamco Share and WFD Unibail-Rodamco N.V. Class A Share, constitute a separate asset for capital gains tax purposes. Holders will need to treat each component of the Stapled Share separately. That is:

  • holders will receive, and separately deal with, the tax consequences of dividends from a Unibail-Rodamco Share and dividends from a WFD Unibail-Rodamco N.V. Class A Share; and
  • when the Stapled Share is disposed of, the holder will have to separately consider the tax issues associated with the disposal of the Unibail-Rodamco Share and the WFD Unibail-Rodamco N.V. Class A Share.


1. WFD-UR N.V. to also own selected Dutch assets
2. Including the right to attend both Unibail-Rodamco and WFD-UR N.V. shareholder meetings, and the right to receive dividends from both Unibail-Rodamco and WFD-UR N.V. Unibail-Rodamco shares and WFD-UR N.V. class A shares can only be transferred as stapled shares, not separately (other than to members of the Stapled Group)