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, 11.1.2019  
C(2019 ) 185 final  
 
 
 
 
 
To the notifying parties : 
 
 
Subject : Case M.9210 – NN Group/Allianz Group/NRP/Target Entities  
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 7 December 2018 , the European Commission received notification of a proposed 
concentration pursuant to Article 4 of the Merger  Regulation , by which  NN Group N.V. 
(‘NN Group’, the Netherlands), Allianz SE (‘Allianz Group’, Germany) and NRP Group 
(‘NRP’, Norway) acquire within the meaning of Article 3(1)(b) and 3(4) of the Merger 
Regulation joint control of eight property companies and their correspond ing real estate 
properties (the ‘Target Entities’, Denmark and Sweden), by way of purchase of shares .3 
2. The business activities of the undertakings concerned are:  
- for NN Group : financial services provider offering retirement services, insurance, 
investments  and banking products,  
- for Allianz Group : global financial services provider active in all market segments 
related to insurance, asset management and, to a very limited extent, real estate,  
- for NRP : investment firm active in the provision of direct investment and fund 
solutions within the real estate, shipping and offshore sectors,  
- for the Target Entities : eight property companies and their corresponding real estate 
properties located in Denmark and Sweden. Five of the Target Entities are currently 
solely controlled by NRP and the remaining three Target Entities are currently jointly 
                                                 
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 451, 14.12.2018 , p. 22. 
PUBLIC VERSION  
2 controlled by NRP and another unaffiliated third party (T. Klaveness Eiendom AS for 
two of the three Target Entities, a nd Västerport Holding AB for the third Target 
Entity).  
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 o n 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 Agre ement . 
For the Commission  
(Signed ) 
Johannes LAITENBERGER  
Director -General  
 
 
                                                 
4  OJ C 366, 14.12.2013, p. 5 .