This announcement comes as no surprise, despite the protestations earlier last month.
According to a report published this morning, the Competition Authority (AdC) have given Spanish group Mazabi the green light to proceed with the purchase of MadeiraShopping, Funchal, through their subsidiary Atalaya La Tejita. The outlet is the largest shopping mall on the island with approximately 100 stores.
The AdC’s opinion on this merger was requested just over three weeks ago, when Atalaya La Tejita notified the Competition Authority authority of their wish to take exclusive control of the Madeirashopping centre. The AdC decided not to oppose the merger since it is not likely to affect competition within the sector.
Atalaya La Tejita is a Spanish company dedicated to real estate investment and specialises in the development and management of shopping centres, and is part of the Spanish group Mazabi.
info at madeira-weekly.com