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,  05.03.2020  
C(2020 ) 1531 final  
PUBLIC VERSION  
To the notifying parties  
Subject : Case M. 9665  – GENERALI REAL ESTATE / APLEONA REAL ESTATE 
/ PROPERTY MANAGEMENT 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 11 February 2020 , the European Commission received notification of a proposed 
concentration pursuant to Article 4 of the Merger  Regulation by which Generali Real 
Estate S.p.A. (“Generali RE”, Italy), controlled by Assicurazioni Generali S.p.A 
(Italy)  and Apleona Real Estate GmbH (“Apleo na RE”, Germany), belonging to the 
Apleana Group (Germany) and indirectly controlled by EQT AB (Sweden)  acquire 
within the meaning of Article 3(1)(b) and 3(4) of the Merger Regulation  joint control 
of a newly created property management joint venture (“the  JV”) by way of purchase 
of shares .3 
2. The business activities of the undertakings concerned are:  
 for Generali RE: a real estate asset manager, operating with an integrated business 
model providing the full scope of asset management including property 
manage ment services ; 
 for Apleona RE: offers management services for real estate of all types of use. 
Apleona RE is part of the Apleona Group, a European group of companies active 
in integrated facility management, technology development and real -estate 
management with all commercial services, real estate marketing and leasing. 
Apleona Group, in turn, is owned by EQT VII (Luxembourg), an investment fund 
which is part of the EQT group, a group of private investment funds ultimately 
controlled by EQT AB (Sw eden) ; 
                                                 
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 56, 19.02.2020 , p. 6. 

2  for the JV: provision of property  management services in Austria.  
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 oppose the n otified 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  
 
                                                 
4  OJ C 366, 14.12.2013, p. 5 .