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JOHANNESBURG - JSE-listed Growthpoint Properties got one step closer to acquiring N1 City Mall from Redefine Properties after the Competition Commission recommended to the Competition Tribunal that its proposed merger be approved without conditions.

The 64,000m2 N1 City Mall, with over 140 stores, is situated in Goodwood, Cape Town, and is jointly owned by Growthpoint and Redefine.

The Commission said the proposed transaction was unlikely to substantially prevent or lessen competition in the market for rentable comparative shopping centres within a 15 km radius from the target property. In addition, the Commission said the proposed transaction does not raise any public interest concerns.

Growthpoint is the largest South Africa JSE-listed Real Estate Investment Trust with a market capitalisation of R71.5 billion and a combined property assets are valued at R112.5 billion.