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, 22.9.2021  
C(2021 ) 6965 final  
PUBLIC VERS ION 
SEGRO Plc 
1 New Burlington Place   
W1S 2HR  – London  
United Kingdom  
 
Public Sector Pension Investment 
Board  
1250 René Lévesque Boulevard West 
Suite 900   
H3B 4W8 – Montréal, Quebec  
Canada  
Subject : Case M. 10440  – SEGRO / PSPIB / VARIA CLASS LOGISTICS  
Commission de cision 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 24 August  2021 , the European Commission received notification of a proposed 
concentration pursuant to Article 4 of the Merger  Regulation by which SEGRO plc 
(“SEGRO”, United Kingdom), and Public Sector Pension Investment Board 
(“PSPIB”, Canada) acquire within the meaning of Article 3(1 )(b) of the Merger 
Regulation  joint control of the whole of  Varia Class Logistics SL (“Target”, Spain)  by 
way of purchase of shares .3 
2. The business activities of the undertakings concerned are:  
 For SEGRO:  ownership, asset management and development of moder n 
warehousing and light industrial properties located around major conurbations 
and at key transportation hubs across a number of EU countries , 
                                                 
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 b e 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 351, 1.9.2021 , p. 24-25. 

 
2  For PSPIB: management of a diversified global investment portfolio including 
stocks, bonds and other fixed -incom e securities, and investments in private 
equity, real estate, infrastructure, nat ural resources and private debt , 
 For the Target:  ownership of an industrial site situated in Martorelles, Barcelona.  
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(a) and 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 .