Sir Frank Lowy has mixed feelings after selling shopping centre empire

Sir Frank Lowy has mixed feelings after selling his shopping centre empire and says: “I still believe in the industry”.

Westfield co-CEO Steven Lowy (right) speaks to the media in Sydney, with Sir Frank Lowy on videolink from London. Pic: AAP

Property tycoon Sir Frank Lowy flew to Tel Aviv last night after unveiling the sale of his business empire and declared: “I am not the retiring type.”

In an interview with The Australian, Sir Frank, 87, said at this time every year he spends a couple of weeks in Israel with friends and family, taking a break and looking at some deals.

“I have mixed feelings, I feel good and the deal I think it’s a good deal for shareholders, the timing is right and there is fair bit of reality involved,” he said after leaving London for Israel.

Sir Frank has agreed to sell global mall landlord Westfield Group to ­European shopping centre giant ­Unibail-Rodamco for almost $33 billion, in Australia’s biggest takeover.

While the Lowy family will sell the Westfield international shopping centre empire that spans Britain and the US, the remaining interest in its Australian malls will be left untouched.

Sir Frank, who was knighted by the Queen last Friday, will hand the reins of 35 international shopping centres to the Paris-based buyer.

After a six decade career as a shopping centre magnate, he will retire as chairman of Westfield and chair a newly created advisory board of the merged company, while two Westfield board members, including his son, co-chief executive Peter Lowy, will be appointed to the supervisory board of the new entity.

The sale has raised doubts about the future of bricks-and-mortar malls, as the retail sector is battered by internet shopping and the decline of department stores.

Asked about the entry of the platform providers like Amazon, Sir Frank said: “I still believe in the industry and this is a good deal for shareholders.

“I will continue but as an investor, not an executive,” he added.

The Lowy family will have a three per cent stake in Unibail-Rodamco.

“I am happy about the decision but I look back at 57 years and it’s bittersweet. It’s time from a personal point of view for me to move on,” Sir Frank said yesterday.

“Today is the second-most important day in Westfield history; (the) first was September 1960 when Westfield was born.”

The Lowy family will switch to ­becoming investors after working at the company for a combined 145 years. “Who would have thought that 57 years ago I would be sitting in snowy London talking to you in Sydney,” said Sir Frank, who was estimated to be Australia’s fourth richest person with assets of $8.3bn before the deal.

A still humble Sir Frank said: “I want to thank Australia for what it gave me, I love the country, I’ve enjoyed my time with the business and hoped to have given some of it back to the country.”

Sir Frank is one of Australia’s most prominent philanthropists.

With Turi Condon