# m8661.docx

| | EUROPEAN COMMISSION |
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EUROPEAN COMMISSION

Brussels, 23.11.2017

C(2017) 7957 final

PUBLIC VERSION

To the notifying parties

To the notifying parties

Subject:Case M.8661 - OAKTREE / PIMCO / REAL ESTATE PORTFOLIO

  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

Subject

:

Case

M.8661 - OAKTREE / PIMCO / REAL ESTATE PORTFOLIO

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,

Dear Sir or Madam,

1.On 27 October 2017, the European Commission received notification of a proposed concentration pursuant to Article 4 of the Merger Regulation by which Oaktree Capital Group LLC (''Oaktree'', USA) and Pacific Investment Management Company LLC (''PIMCO'', USA) indirectly acquire within the meaning of Article 3(1)(b) of the Merger Regulation joint control of a portfolio consisting of 28 commercial properties located in Poland (‘Real Estate Portfolio’, Poland).
  3

1.

On

27 October

2017

,

the

European

Commission received notification of a proposed concentration pursuant to Article

4

of

the

Merger

Regulation by which

Oaktree Capital Group LLC (

''Oaktree'',

USA) and Pacific Investment Management Company LLC (

''

PIMCO

'',

USA) indirectly

acquire within the meaning of Article 3(1

)(

b) of the Merger Regulation joint control

of a portfolio consisting of 28 commercial properties located in Poland (‘Real Estate Portfolio’, Poland)

.

3

2.The business activities of the undertakings concerned are:

2.

The business activities of the undertakings concerned are:

— for Oaktree: a global investment manager specialising in alternative investments in distressed debt, corporate debt (including high yield debt and senior loans), convertible securities, real estate and listed equities,

—

for Oaktree

: a global investment manager specialising in alternative investments in distressed debt, corporate debt (including high yield debt and senior loans), convertible securities, real estate and listed equities,

— for PIMCO: a global investment manager providing its services to, among others, governments, insurance companies, high-net-worth investors, financial institutions, retail investors and investment vehicles,

—

for PIMCO

:

a global investment manager providing its services to, among others, governments, insurance companies, high-net-worth investors, financial institutions, retail investors and investment vehicles,

— for the Real Estate Portfolio: rental of commercial real estate in Poland. The Portfolio comprises 28 commercial properties located in 27 cities in Poland.

—

for the Real Estate Portfolio

: rental of commercial real estate in Poland. The Portfolio comprises 28 commercial properties located in 27 cities in Poland.

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(c) of the Commission Notice on a simplified procedure for treatment of certain concentrations under Council Regulation (EC) No 139/2004.
  4

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

(

c

)

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.

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

For the Commission

(signed)

(signed)

Johannes LAITENBERGER
  Director-General

Johannes LAITENBERGER

Director

-

General

(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.

OJ C 366, 14.12.2013, p. 5.