Commission européenne, DG COMP MERGER REGISTRY, 1049 Bru xelles, BELGIQUE  
Europese Commissie, DG COMP MERGER REGISTRY, 1049 Brussel,   BELGIË  
 
Tel: +32 229 -91111. Fax: +32 229 -64301. E -mail: COMP -MERGER -REGISTRY@ec.europa.eu . 
  EUROPEAN COMMISSION  
Brussels, 17.12.2019  
C(2019 ) 9371 final  
PUBLIC VERSION   
To the notifying parties  
Subject : Case M. 9634  –  PSP / AVIVA / GALLERI K  
Commission decision pursuant to Article 6(1)(b) of Council Regulation 
(EC) No 139/20041 and Article 57 of the Agreement on the European 
Economic Area2  
Dear Sir or Madam,  
1. On 21 November 2019 , the European  Commission received notification of a proposed 
conc entration pursuant to Article 4 of the Merger  Regulation by which the 
undertakings PSP Investments Holding Europe Ltd, a wholly owned subsidiary of 
Public Sector Pension Investment Board (“PSP”, Canada)  and Aviva Investors 
Perpetual Capital SCSp SICAV -RAIF, belonging to Aviva Plc Group (“Aviva”, UK) 
acquire within the meaning of Article 3(1) (b) of the Merger Regulation joint control 
over the whole of the  undertaking Galleri K Retail ApS (“Galleri K”, Denmark) by 
way of purchase of shares .3 
2. The business activities of the undertakings concerned are:  
 for PSP: the pension investment manager of several Canadian pension plans, 
including the pension plan of the Canadian Federal Public Service and the 
Canadian Forces. PSP manages a diversified global fixed -securities portfolio as 
well as investments in private equity, real estate, infrastructure, na tural resources 
and private debt,  
 for Aviva: a UK incorporated company operating in the insurance sector that is 
listed on the London Stock Exchange. Aviva’s group provides a broad range of 
insurance, savings and investment products and is principally active in the UK, 
France and Canada,  
                                                 
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 term inology 
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 403, 29.11.2019 , p. 69. 

2  for Galleri K: a Denmark -based company which owns retail, restaurant and office 
space in Copenhagen.  
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 . 
For the Commission  
 
 
(Signed)  
Cecilio MADERO VILLAREJO  
Acting Director -General  
 
 
                                                 
4  OJ C 366, 14.12.2013, p. 5 .