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, 18.03.2021  
C(2021 ) 1947 final   
PUBLIC VERSION  
Teachers Insurance and Annuity Association 
of America  
730 Third Avenue  
10017 – New York  
United States of America  
 
Första AP -fonden  
Regeringsgatan 28  
103 25 – Stockholm  
Sweden  
 
Andra AP -fonden  
Östra Hamngatan 26  
404 24 – Gothenburg  
Sweden  
 
Government Pension Investment Fund  
Toranomon Hills Mori Tower, 7th 
floor  
1-23-1, Minato -ku – Tokyo  
Japan  
Subject : Case M. 10156  – TIAA / AP1 / AP2 / GPIF / TARGET  
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 23 February 2021 , the European Commission received notification of a proposed 
concentration pursuant to Articl e 4 of the Merger  Regulation by which Teachers 
Insurance and Annuity Association of America (‘TIAA’, United States of America), 
Första AP -fonden (‘AP1’, Sweden), Andra AP -fonden (‘AP2’, Sweden) and 
                                                 
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, 3.1.199 4, p. 3 (the ‘EEA Agreement ’). 

2 Government Pension Investment Fund (‘GPIF’, Japan) acquire within the meaning of 
Article 3(1)(b) of the Merger Regulation indirect joint control of a real estate asset 
located in Paris (‘the Target’, France), currently owned by Duval Invest SAS, (France) 
and FTIMMO H, a subsidiary of Orange SA, (France)  by way of purchase of assets .3 
2. The business activities of the undertakings concerned are:  
 for TIAA : financial services organisation that primar ily provides investment 
products in the academic, research, medi cal and cultural fields in the United 
States of America , 
 for AP1 and AP2: government agencies that manage buffer capital in the Swedish 
national income pension system. Their global portfolios consist of equities, fixed 
income securities, real estate and pr ivate equity funds. AP1 and AP2 are entirely 
independent of each other,    
 for GPIF : incorporated administrative agency, established by the government of 
Japan  to manage and invest the pension reserve funds of the government pension 
plans . Its global invest ment portfolio includes interests in Japanese domestic and 
international equities and bonds, infrastructure (including renewable energy, 
airports and port assets), real estate assets and private equity funds,  
 for the Target: commercial real estate asset ( dedicated to office use) located at 10 
rue Jobbé -Duval, 75015 Paris, France.   
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) and 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 oppo se 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  
 
 
(Signe d) 
Olivier GUERSENT  
Director -General  
 
                                                 
3  Publication in the Official Journal of the European Union No C 71, 1.3.2021 , p. 66. 
4  OJ C 366, 14.12.2013, p. 5 .