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)  1171  final 
PUBLIC VERSION  
ION Holding BV  
Vredestraat 53   
8790  – Waregem  
Belgium  
 
REI Investment Belgium I B.V.  
Prinses Beatrixlaan 35  
2595AK  – The Hague  
The Netherlands  
Stichting Bedrijfstakpensioenfonds  
voor de Bouwnijverheid  
Basisweg 10  
1043AP  – Amsterdam  
The Netherlands  
Subject : Case M.10116 - ION / NN / bpfBOUW / IRP 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 25 January 2021 , the European Commission received notification of a proposed 
concentration pursuant to Article 4 of the Merger  Regulation by which ION Holding 
BV ( “ION”, Belgium) , REI Investment Belgium I BV (“NN”, Netherlands), and 
Stichting Bedrijfstakpensioenfonds voor de Bouwnijverheid (“bpfBOUW”, 
Netherlands)  intend to acquire  within the meaning of Article s 3(1)(b) and 3(4) of the 
Merger Regulation  joint contro l of ION Residential Platform NV (“IRP JV”, Belgium)  
by way of purchase of shares  (the “notified operation”) .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 ( the ‘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 ’). 
3  Publication in the Official Journal of the European Union No C 36, 2.2.2021 , p. 20. 

2 2. The business activities of the undertakings concerned are:  
 for ION: residential ( such as  apartments and houses, student and senior 
housing) and c ommercial ( such as  mixed urban projects, office buildings and 
retail space) real estate developer in Belgium;  
 for NN: provision of pension and insurance products, as well as asset 
management and banking services;  
 for bfpBOUW: Dutch pension fund established  by organisations of employers 
and employees in the construction sector;  
 for IRP JV: specialised real estate investment fund aimed to build a sustainable 
long-term residential real estate portfolio (“buy -and-hold” -strategy) in selected 
urban areas in Belgi um. 
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 th e 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 notifie d 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 GUE RSENT  
Director -General  
 
 
                                                 
4  OJ C 366, 14.12.2013, p. 5 .