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, 16.11.2021  
C(2021) 8412 final  
PUBLIC VERSION 
NREP AB  
Box 7721 
SE-103 95 Stockholm  
Sweden  
 Novo Holdings A/S  
Tuborg Havnevej 19  
2900 Hellerup  
Denmark  
 
Industriens Pensionsforsikring A/S  
Nørre Farimagsgade 3  
1364 København K  
Denmark  
Subject : Case M. 10468 – NREP / NOVO HOLDINGS / INDUSTRIENS 
PENSIONSFORSIKRING / 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 19 October 2021, the European Commission received notification of a proposed 
concentration pursuant to Article 4 of the Merger  Regulation by which NREP AB 
(Sweden), Novo Holdings A/S  (Denmark), belonging to the Novo Group, and 
Industriens Pensionsforsikring A/S  (Denmark) acquire within the meaning of Article 
3(1)(b) and 3(4) of the Merger Regulation joint control of a newly created Joint 
Venture (“the JV”). The concentration is accomplished by way of purchase of shares 
in a newl y created compa ny constituting a joint venture .3 
                                                 
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 434, 27.10.2021, p.19.  

2 2. The business activities of the undertakings concerned are:  
− for NREP AB : a fund-manager, administering funds whose purpose is to invest 
in, operate and develop real estate in the Nordic countries, 
− for Novo Ho ldings A/S : manages the investment assets of the Novo Nordisk 
Foundation as  the holding company of the Novo Group. Novo Holdings A/S 
invests in life sciences as well as high quality infrastructure and modern and 
sustainable real estate,  
− for Industriens Pensionsforsikring A/S : occupational pension company which 
administrates the compulsory labour market pension scheme for employees under 
the Danish Collective Bargaining Agreement for Industrial Employees. 
Industriens Pensionsforsikring A/S  invests in a varie ty of assets, including 
properties, mostly in developed countries,  
− The JV is intended to own, develop, operate, and partially sell residential and 
commercial properties in areas of Jernbanebyen, located in central Copenhagen.  
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)  
Olivier GUERSENT  
Director -General  
                                                 
4  OJ C 366, 14.12.2013, p. 5.