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, 17.2.2021  
C(2021 ) 1169 final   
PUBLIC VERSIO N 
PGGM Infrastructure Fund  
Noordweg Noord 150  
3704 JG – Zeist  
Netherlands  
 
Arcus European Investment Manager 
LLP 
6th floor 1 Aldermanbury Square  
EC2V 7HR – London  
United Kindgdom  
 
AMP Capital Investors (UK) Limited 
6th floor Berkeley Square House 
Berkeley Square  
W1J 6BZ – London  
United Kindgdom  
Subject : Case M. 10136  – PGGM / ARCUS / AMP / ALPHA TRAINS  
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 25 January  2021 , the European Commission received notification of a proposed 
conc entration pursuant to Article 4 of the Merger  Regulation by which  Stichting 
Depositary PGGM Infrastructure Funds, part of the PGGM Group (“PGGM”, 
Netherlands) , Arcus European Investment Manager LLP (“Arcus”, United Kingdom)  
and AMP Capital Investors (“UK”)  Limited (“AMP”, United Kingdom)  acquire  
within the meaning of Article s 3(1)(b) and 3(4) of the Merger Regulation  joint control 
                                                 
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 ’). 

2 of Alpha Trains (Luxembourg) Holdings S.à.r.l. (“Alpha Trains”, Luxembourg)  by 
way of purchase of shares .3 
2. The business activities of the undertakings concerned are:  
 for PGGM: pensions management for different pension funds, the affiliated 
employers and their employees ; 
 for Arcus: independent fund manager specialising in European infrastructure;  
 for AMP: investment manager operating across a broad range of asset classes 
worldwide ; 
 for Alpha Train s: specialist train leasing company providing rolling stock to both 
public and private operators in a number of countries across continental Europe.  
3. After examination of the notifica tion, 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 Regulatio n (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  
 
                                                 
3  Publication  in the Official Journal of the European Union No C 32, 29.1.2021 , p. 18. 
4  OJ C 366, 14.12.2013, p. 5 .