Unibail-Rodamco said on Tuesday it has received formal clearance by the Polish competition authorities of the Simon Ivanhoe acquisition on condition the company relinquishes its management of the Zlote Tarasy Shopping Centre in Warsaw.

Unibail-Rodamco said on Tuesday it has received formal clearance by the Polish competition authorities of the Simon Ivanhoe acquisition on condition the company relinquishes its management of the Zlote Tarasy Shopping Centre in Warsaw.

Unibail-Rodamco will be allowed to retain its 50% stake in Zlote Tarasy as well as approval rights for key decisions concerning the shopping centre. The remaining 50% interest in Zlote Tarasy is held by ING Property Fund Central Europe.

The Simon Ivanhoe deal includes two shopping centres in Warsaw: the 103,000 m2 Arkadia and the 35,400 m2 Wilenska Station malls. Unibail-Rodamco announced in February that it was acquiring Simon Ivanhoe's shopping centre portfolio in France and Poland for a total of EUR 715 mln. The deal gives Unibail-Rodamco, the largest listed property company in Europe, major stakes in or control of four of the largest shopping centres in Warsaw. Unibail-Rodamco also owns a major stake in the Mokotow (62,290 m2) shopping centre in the Polish capital.

The Simon Ivanhoe transaction is expected to close in the next few days.