Approval for Nottingham Broadmarsh shopping centre deal

The Office of Fair Trading (OFT) has formally approved the takeover of a Nottingham shopping centre.

In December, owner of the Broadmarsh Centre Westfield sold its stake to Capital Shopping Centres, which also owns Nottingham's Victoria Centre.

The sale prompted an OFT investigation into the merger. The deal will not be referred to the Competition Commission.

A Capital Shopping Centres spokesperson said the OFT decision was good news for Nottingham.

In a statement, the spokesperson added: "We are pleased with the outcome of the OFT review.

"We are now looking to bring forward proposals for the complimentary developments to upgrade both the Victoria Centre and Broadmarsh which will also have a regenerative effect on the city as a whole.

"Given we have only just received the OFT decision, we are not able to give any more details yet but as soon as we are in a position to do so, we will."

Nottingham City Council, which owns the Broadmarsh lease, has been planning the redevelopment of the centre for almost two decades.