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, 30.9.2019  
C(2019)  7141 final  
PUBLIC VERSION 
To the notifying parties  
Subject : Case M.9467 -  Ivanhoe Cambridge/PSPIB/Greystar/JV  
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 4 September  2019, the European Commission received notification of a proposed 
concentration pursuant to Article 4 of the Merger  Regulation by which Ivanhoe Cambridge 
inc. (‘IC’ , Canada) , Public Sector Pension Investment Board (‘PSPIB’ , Canada) and 
Greyst ar Real Estate Partners, LLC  (‘Greystar’, USA)  acquire within the meaning of 
Article 3(1)(b) and 3(4) of the Merger Regulation joint control of GDCV Residential 
Portfoli o III LP ( ‘GDCV ’) by way of purchase of a limited partnership interest in a newly 
created company constituting a full function joint venture .3 
2. The business activities of the undertakings concerned are:  
− for IC : global investment in real estate;  
− for PSPIB: investment management of the pension plans of the Canadian Federal 
Public Service, the Canadian Forces, the Royal Canadian Mounted Police and the 
Reserved Force. It manages a diversified portfolio including stocks, bonds and other 
fixed -income securities as well as investments in private equity, real estate, 
infrastructure, natural resources and private debt;  
− for Greystar: global development, acquisition and management of rental housing 
projects and portfolios for itself and on behalf of various institutional, sovereign 
wealth and private investors currently in the USA, the United Kingdom, Spain, the 
Netherlands and Mexico;  
                                                 
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 308, 12.9.2019, p. 8. 

 
2 − for GDCV: acqui sition of  parcels of lands or ground leases, and development of  
multifamily assets in the USA for investment purposes. It will target investments in 
class A, mid/high -rise development assets which exhibit a strong long -term 
employment base, growing populations and a high propensity to rent. 
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 M erger  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.