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 -MERG ER-REGISTRY@ec.europa.eu.  
 
  EUROPEAN COMMISSION  
Brussels, 15.02.2021 
C(2021)  1100 final  
 PUBLIC VERSION 
APG Asset Management  N.V.  
Gustav Mahlerplein 3  
1082 MS – Amsterdam  
Netherlands  
 
Arcus European  Investment Manager  LLP  
6th Floor, 1 Aldermanbury Square  
EC2V 7HR – London 
United Kingdom   
 
Public Sector Pension Investment Board  
10 Bressenden Place,  
Verde SW1 Level 8  
SW1E 5DH – London 
United Kingdom  
Subject : Case M. 10130 – APG / ARCUS / PSP / 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 21 January  2021, the European Commission received notification of a proposed 
concentration pursuant to Article 4 of the Merger  Regulation by which  APG Asset 
Manag ement N.V. (“APG”, Netherlands) , Arcus European Investment Manager LLP 
(“Arcus”, United Kingdom)  and Public Sector Pension Investment Board (“PSP”, 
Canada)  acquire within the meaning of Articles 3(1)(b) and 3(4) of the Merger 
Regulation joint control of Alpha Trains (Luxembourg) Holdings S.à.r.l. (“Alpha 
Trains”, Luxembourg)  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 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 32, 29.1. 2021 , p. 13. 

2 2. The business activities of the undertakings concerned are:  
− for APG:  asset manager with global investments on behalf of Dutch pension funds;  
− for Arcus: independent fund manager specialising in European infrastructure;  
− for PSP: pension investment manager with a diversified global portfolio;  
− for Alpha Trains: specialist train leasing company providing rolling stock to both 
public and pri vate operators in a number of countries across continental Europe.  
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( b) 
of the Commission Notice on a simplified procedure for treatment of certain 
conce ntrations 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 t he 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.