Commission européenne, DG COMP MERGER REGISTRY, 1049 Bruxelles, 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, 8.11.2021  
C(2021) 8152 final  
PUBLIC VERSION 
Public Section Pension Investment Board 
1250 René -Lévesque Blvd. West  
Suite 1400 
H3B 5E9 Montréal  
Québec  
Canada  
 
Abu Dhabi Investment Council 
Company P.J.S.C  
Al Bahr Towers – 1  
Sheikh Zayed Bin Sultan Street  
P.O. Box 61999  
Abu Dhabi  
United Arab Emirates  
Subject : Case M. 10500 - PSPIB /ADIC/LOCAL  
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 12 October 2021, the European Commission received notification of a proposed 
concentration pursuant to Article 4 of the Merger  Regulation by which Public Sector 
Pension Investment Board (“PSPIB”, Canada) and Abu Dhabi  Investment Council 
Company P.J.S.C (“ADIC”, the United Arab Emirates) acquire  within the meaning of 
Article 3(1)(b) and 3(4) of the Merger Regulation joint control of B2R Local No. 1 
Pty Ltd (“Local”, Australia), a newly created joint venture, by way of  purchase of 
shares.3 
                                                 
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 introduc ed 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 Jou rnal of the European Union No C 426, 21.10.2021, p. 12.  

2 2. The business activities of the undertakings concerned are:  
− for PSPIB: management of a diversified global portfolio including stocks, bonds 
and other fixed-income securities, as well as investments in private equity, real 
estate, infrastructure, natural resources and credit investments, 
− for ADIC:  operation of globally diversified investment strategies targeting 
positive capital returns through an expansive portfolio of highly diversified asset classes and active investment manageme nt strategies,  
− for Local:  operation of a specialist build-to -rent property development and 
management business that includes acquiring, developing, managing and 
operating residential properties in key Australian cities.  
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(a ) 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)  
Olivier GUERSENT  
Director -General  
                                                 
4  OJ C 366, 14.12.2013, p. 5.