Westfield Group
(ASX:WDC) and Westfield Retail Trust
(ASX:WRT) have been cleared to acquire a Perth shopping centre after the consumer watchdog said it would not oppose the deal.
The Australian Competition and Consumer Commission says the verdict is conditional on Westfield selling a nearby shopping centre.
The watchdog said it considered whether the acquisition of Karrinyup Shopping Centre would result in Westfield lifting rents.
The ACCC says that Westfield's ownership of two competing shopping centres may result in a substantial lessening of competition, given there is limited retail space available in north-west metropolitan Perth,
Westfield generated a net profit of $524 million in the first half of fiscal 2013.
