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, 27.9.2022  
C(2022 ) 7004 final  
PUBLIC VERSION  
Raffles Leven Limited  
York House  
45 Seymour Street  
W1H 7LX – London  
United Kingdom  
 
Stichting Depositary APG Strategic Real 
Estate Pool  
Oude Lindestraat 70  
6411  EJ Heerlen  
The Netherlands  
MacGregor TSH 2 B.V.  
Amsteldijk 166  
Amsteldok Building  
6th floor  
1079LH – Amsterdam  
Netherlands  
Subject : Case M. 10858  – RAFFLES  / APG / CMGO / TSH  
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 2 September  2022 , the European Commission received notification of a proposed 
concentration pursuant to Article 4 of the Merger Regulation , by which  Raffles Leven 
Limited (‘Raffles’, UK ), belonging to GIC Realty (Singapore) , Stichting Depositary 
APG Strategic Real Estate Pool for the account and risk of APG Strategic Real Estate 
Pool (‘APG’, the Netherlands) controlled by Stichting Pensioenfonds ABP (‘ABP’, 
                                                 
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 ’). 

 
2 the Netherlands) and MacGregor TSH 2 B.V. (‘CMGO’, the Netherlands) will acquire 
within the meaning of Article 3(1)(b) of the Merger Regulation joint control of TSH 
Grafton B.V. (‘TSH’, the Netherlands)  by way of purchase of shares .3 
2. The business activities of the undertak ings concerned  are the following : 
 TSH: company whose principal area of business is the operation of The Student 
Hotel group, which is a hybrid hospitality business with 1 7 operating properties in 
the EU,  
 Raffles: indirect subsidiary of GIC Realty, which is  focusing on the ownership of 
real estate assets on behalf of the government of Singapore,  
 APG: a depositary for an investment fund whose ultimate beneficial owner is 
ABP,  a Dutch pension administration organisation that specialises in the 
management  of collective pensions in the public sector,  
 CMGO: company controlled by  the original founder of The Student Hotel group.  
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 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 
adopted in application of Article 6(1)(b) of the Merger  Regulation  and Article 57 of 
the EEA Agre ement . 
For the Commission  
 
 
(Signed)  
Olivier GUERSENT  
Director -General  
                                                 
3  Publication in the Official Journal of the European Union No C 349, 12.9.2022 , p. 9. 
4  OJ C 366, 14.12.2013, p. 5 .