Westfield shareholders have backed the takeover of the shopping centre empire by Unibail-Rodamco.

The $33 billion takeover of his shopping empire that heralds the retirement of Westfield founder and chairman Frank Lowy.

Shareholders voted overwhelmingly in favour of the takeover by Paris property giant Unibail-Rodamco, which includes $3 billion for the Lowy family’s stake.

Mr Lowy described the deal as “highly compelling”.

“Of course, there is a tinge of sadness,” Mr Lowy said in his final address.

“But I must tell you, I am totally at peace with the decision, which is supported by the vast majority of shareholders.”

Unibail shareholders backed the deal last week.

The takeover makes Unibail-Rodamco the world's largest shopping centre owner, with 104 shopping centres in 13 countries.