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, 12.3.2020  
C(2020 ) 1695 final  
PUBLIC VERSION  
To the notifying parties  
Subject : Case M. 9724  – GENERALI / UIR / ZARAGOZA  
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 18 February  2020 , the European Commission received notification of a proposed 
concentration pursuant to Article 4 of the Merger  Regulation by which Generali  
Shopping Centre Fund S.C.S. SICAV -SIF (‘GSCF’, Luxembourg ), belonging to the 
group Assicurazioni Generali S.p.A. ( ‘Generali ’, Italy)  and Union Investment Real 
Estate GmbH (‘UIR’, Germany), belonging to the group of DZ Bank AG (‘DZ Bank’, 
Germany), acquire  within the meaning of Article 3(1)(b) of the Merger Regulation 
joint control over the whole of the undertaking Zaragoza Properties SOCIMI, S.A. 
(‘Zaragoza’, Spain)  by way of purchase of shares .3 
2. The business activities of the undertakings concerned are:  
 for GSCF : an investmen t fund established in 2019, with a specific focus on 
investing i n, and managing  of shopping centres in the continental European retail 
sector. It belongs to Generali, an international group of companies active in the 
insurance and financial sector,  
 for UIR: a  real estate investment firm, specialized in real estate funds for private 
and institutional investors in Europe, the Americas, Asia and Australia.  UIR is a 
subsidiary o f Union Asset Management Holding AG (Germany), which is t he 
investment arm and a subsidiary o f DZ Bank , 
                                                 
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 63, 26.02.2020 , p. 3. 

2  for Zaragoza: real estate activities, in particular, ownership, management and 
rental of the Puerto Venecia shopping centre and retail park located in Zaragoza, 
Aragon, Spain.  
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  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 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 .