Frank Lowy's Westfield Corporation has agreed to a takeover from European property giant Unibail-Rodamco in a deal worth $US25 billion.

Mr Lowy, Westfield's chairman, and his sons Steven and Peter, who are co-chief executives, will vote in favour of the deal, which values each Westfield security at $US7.55 ($A10.01), a premium of 17.8 per cent to the value of Westfield securities at the end of Monday's trading session.

The deal values the Lowy family's stake in Westfield at just under $A2 billion.

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