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, 11.03.2019  
C(2019 ) 2034  final 
 
 
To the notifying parties:  
Subject : Case M.9260 - PSP / ALLIANZ / GREYSTAR / PAUL STREET EAST  
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 14 February 2019 , the European Commission received notification of a proposed 
concentration pursuant to Article 4 of the Merger  Regulation by which Public Sector 
Pension Investment Board (“PSP”, Canada) , Allianz Real Estate Investments S.A. 
(“Allianz”, Luxembourg), belonging  to the Allianz Group (Germany) and Greystar Real 
Estate Partners, LLC (“Greystar”, USA ) acquire within the meaning of Article 3(1)(b) o f 
the Merger Regulation joint control over the whole of Paul Street East  (“Paul Street East”, 
UK) by way of purchase of shares .3 
2. The business activities of the undertakings concerned are:  
 for PSP: the pension investment manager of the pension plans of the Canadian 
Federal Public Service, the Canadian Forces, the Royal Canadian Mounted Police 
and the Reserved Force. It manages a diversified potfolio including stocks, bonds 
and other fixed -income securities as well as investments in private equity, real 
estate, infrastructure, natural resources and private debt;  
 for Allianz: part of the Allianz Group, a multinational financial service provider 
which is active worldwide in the insurance and asset management business;  
 for Greystar: develops, acquires and manages  rental housing projects and  portfolios 
for itself and on behalf of various institutional, sovereign wealth and  private 
investors.  
                                                 
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 68, 21.02. 2019 , p. 45. 
PUBLIC VERSION  
2  for Paul Street East: student accommodation property located in London,  UK. 
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 Agreement . 
For the Commission  
 
 
(Signed)  
Johannes LAITENBERGER  
Director -General  
                                                 
4  OJ C 366, 14.12.2013, p. 5 .