Regulators approved the takeover on the condition that Unibail withdraw from managing Złote Tarasy Roberto Galea/WBJ

Poland’s Office of Competition and Consumer Protection (UOKiK), the anti-monopoly authority, has approved Unibail-Rodamco’s takeover of more Warsaw shopping malls.

The commercial real estate management firm will take over Simon Ivanhoe’s Warsaw assets, the Arkadia and Wileńska shopping centers.

However, the acquisition means that Unibail-Rodamco will have more than a 40 percent share in the market, and that – according to anti-monopoly laws – would give the company a “dominant” market position.

According to UOKiK, the merger would lead to an increased market advantage for company Unibail-Rodamco – currently co-owner of the Galeria Mokotów and Złote Tarasy shopping malls. After the takeover the company would be able to offer tenants less-favorable contract terms, such as making the rental of space in one shopping center dependent on rent in another.

Hence, UOKiK’s approval came with the condition that Unibail-Rodamco withdraw from its management role at the Złote Tarasy shopping center in Warsaw’s city center.

Nevertheless, Unibail-Rodamco will maintain its economic interest in the shopping center, as well as the right to involvement in and right to approve of the most important decisions made regarding the center.