PARIS-The Polish competition authority has given the go-ahead for the $920-million acquisition by French-Dutch shopping centre REIT Unibail-Rodamco of shopping centre investor Simon Ivanhoe. Simon Ivanhoe, a jointly-held unit of US retail mall REIT Simon and Ivanhoe Cambridge, holds shares in seven shopping centers in France and Poland.
The deal was announced in February, but the acquisition of the Arkadia and Wilenska malls in Poland was subject to approval by the nation’s Office of Competition and Consumer Protection. Arkadia is the largest asset in the portfolio with a total retail area of 1.1 million square feet, making it one of the biggest malls in CEE. Poland made approval conditional on Unibail-Rodamco relinquishing its management role at the Zlote Tarasy shopping centre.
The group will however retain its economic interest in Zlote Tarasy and the right to approve key decisions. Unibail-Rodamco said completion of the Simon Ivanhoe transaction will reinforce its presence in Warsaw. The group is present in 12 European countries and owned a portfolio of shopping centers, offices and convention-exhibition venues valued at $28.7 billion at the end of 2009.
Allan Saunderson is a managing editor of Property Investor Europe and a contributor to GlobeSt.com.
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