Westfield Group has received the green light to buy a Perth shopping centre, but only if it sells another nearby centre.
Westfield holds a 33 per cent stake in the Karrinyup Shopping Centre, and wants to take complete ownership.
It also owns a shopping centre at Innaloo, 3.3 kilometres away.
The Australian Competition and Consumer Commission (ACCC) raised concerns about Westfield’s ownership of nearby centres, but has now approved the purchase of Karrinyup after Westfield offered a court enforecable undertaking to sell Westfield Innaloo.
“Taking into account the court enforceable undertaking, the ACCC is satisfied that the proposed acquisition is unlikely to substantially lessen competition in north-west metropolitan Perth,” ACCC Chairman Rod Sims said in a statement.