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Rodamco takes ABP to court over Westfield sale

NETHERLANDS – Rotterdam based Rodamco North America (RNA) is taking legal action against giant Dutch pension fund, ABP, following the sale of ABP’s 23.9% shareholding in RNA to Westfield Holdings, the large Sydney based international shopping centre development company.

According to RNA, the deal, worth €537m, is in contravention of the Dutch Investment Institutions Supervision Act and other domestic corporate law, since the prospective sale of a controlling interest in a company must be cleared by the Dutch Central Bank before it can take place.

The firm claims that ABP did not comply with this.

Moreover, RNA also considers the deal to be in breach of the main principles of reasonableness and fairness, which call for equal treatment of all shareholders.

RNA is seeking a ruling that the deal be declared null and void and has submitted a formal request for witness hearings to take place as soon as possible.

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