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,  15.7.2021  
C(2021 ) 5409 final  
PUBLIC VERSION  
Teachers Insurance and Annuity Association 
of America  (TIAA)  
730 Third Avenue  
New York, 10017 N.Y.  
United States of America  
Första AP -fonden (AP1)  
Regeringsgatan 28  
103 25 Stockholm  
Sweden  
 
Andra AP -fonden (AP2)  
Östra Hamngatan 26 -28 
404 24 Gothenburg  
Sweden  
 
Government Pension Investment Fund  
(GPIF)  
Toranomon Hills Mori Tower, 7th floor  
1-23-1, Minato -ku, Tokyo  
Japan  
Subject : Case M. 10300  – TIAA / AP1 / AP2 / GPIF / COURBEVOIE  
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 22 June 2021 , the European Commission received notification of a proposed 
concentration pursuant to Article 4  of the Merger  Regulat ion by which the 
undertakings Teachers Insurance and Annuity Association of America (‘TIAA’, US), 
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 Unio n (‘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 ’). 

2 Government Pension Inv estment Fund (‘GPIF’, Japan) acquire within the meaning of 
Article 3(1)(b) of the Merg er Regulation joint control of  the real estate asset located in 
Courbevoie (‘Courbevoie’, France), currently owned by Rivoli Avenir Patrimoine, 
SCPI (France) and Edissimm o, SCPI (France), which are both managed by Amundi 
Immobilier, SA (France) by way of purchase of assets .3 
2. The business activities of the undertakings concerned are:  
 for TIAA: financial services organisation that primarily provides investment 
products in the academic, research, medical and cultural fields in the US,  
 for AP1 and AP2: government agencies that manage buffer capital in the Swedish 
national income pension system. AP1’s global portfolio consists of equities and 
fixed-income securities along with  real estate, infrastructure, private equity funds 
and hedge funds. AP1 is active in Sweden, France, Germany, and The 
Netherlands as well as in the US and Asia. AP2’s global portfolio consists, among 
others, in equities, fixed -income securities, alternativ e investments such as real 
estate, derivatives and currencies. AP2 is active in Sweden, Poland, Luxemburg 
as well as in the US, Brazil and Asia. AP1 and AP2 are entirely independent of 
each other,  
 for GPIF: incorporated administrative agency, established b y the government of 
Japan to manage and invest the pension reserve funds of the government pension 
plans. Its global investment portfolio includes interests in Japanese domestic and 
international equities and bonds, infrastructure (including renewable ener gy, 
airports and port assets), real estate assets and private equity funds,  
 for Courbevoie: real estate asset (dedicate to office use), located at 1, place Jean 
Millier, 92400 Courbevoie (Hauts -de-Seine), 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  (c)  of the Com mission 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 
adopte d 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  
 
                                                 
3  Publication in the Official Journal of the European Union No C 256, 30.06.2021 , p. 12-13. 
4  OJ C 366, 14.12.2013, p. 5 .