Document ID: 32017M8446
Language: ENG

<table><tr><td><p><span><img/></span></p></td><td><p><span>EUROPEAN COMMISSION</span></p></td></tr></table>
Brussels, 3.5.2017
PUBLIC VERSION
C(2017) 3077 final
To the notifying parties
Subject : Case M. 8446 – ELO / AP1 / REAL ESTATE PORTFOLIO IN FINLAND Commission decision pursuant to Article 6(1 )( b) of Council Regulation (EC) No 139/2004 1 and Article 57 of the Agreement on the European Economic Area 2
Dear Sir or Madam,
1. On 04 April 2017 , the European Commission received notification of a proposed concentration pursuant to Article 4 of the Merger Regulation by which the undertakings Elo Mutual Pension Insurance Company (‘ELO’, Finland) and Första AP- fonden (‘AP1’, Sweden) acquire within the meaning of Article 3(1 )( b) of the Merger Regulation joint control of a portfolio of several real estate properties in Finland (‘the Target’) by way of purchase of shares. 3
2. The business activities of the undertakings concerned are:
- for ELO: customer-owned employment pension company in Finland;
- for AP1: Swedish pension fund which acts as a buffer fund in the Swedish national income pension system;
- for the Target: ten real estate assets in eight cities in Finland (Helsinki, Joensuu, Jyväskylä , Kokkola , Kouvola , Kuopio, Oulu and Tampere) leased for retail, office and parking space use, with an overall surface of approximately 100 000 square metres. These assets are currently solely controlled by ELO.
3. After examination of the notification, the European Commission has concluded that the notified operation falls within the scope of the Merger Regulation and of paragraph 5 ( b ) of the Commission Notice on a simplified procedure for treatment of certain concentrations under Council Regulation (EC) No 139/2004 . 4
4. For the reasons set out in the Notice on a simplified procedure, the European Commission has decided not to oppose the notified operation and to declare it compatible with the internal market and with the EEA Agreement. This decision is adopted in application of Article 6(1 )( b) of the Merger Regulation and Article 57 of the EEA Agreement .
For the Commission (S igned)
Johannes LAITENBERGER Director - General
<note>
(1) OJ L 24, 29.1.2004, p. 1 ( the ' Merger Regulation ' ). With effect from 1 December 2009, the Treaty on the Functioning of the European Union ( ' TFEU ' ) has introduced certain changes, such as the replacement of ' Community ' by ' Union ' and ' common market ' by ' internal market ' . The terminology of the TFEU will be used throughout this decision.
(2) OJ L 1, 3.1.1994, p. 3 ( the ' EEA Agreement ' ).
(3) Publication in the Official Journal of the European Union No C 113 , 11 . 4 . 2017 , p. 9 .
(4) OJ C 366, 14.12.2013, p. 5 .
</note>