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, 5.12.2022  
C(2022 ) 9222 final  
PUBLIC VERSION  
GENERALI REAL ESTATE S.P.A.  
via Machiavelli 4  
34132 Trieste  
Italy 
 
MÜNCHENER 
RÜCKVERSICHERUNGS -
GESELLSCHAFT AKTIEN -
GESELLSCHAFT IN MUNCHEN  
Königinstrasse  107  
80802 Mü nchen  
Germany  
Subject : Case M. 10929 – GENERALI  REAL ESTATE / MUNICH RE / SAXON 
LAND  
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 10 November 2022 , the European Commission received notification of a proposed 
concentration pursuant to Article 4 of the Merger Regulation , by which the 
undertaking s Generali Real Estate S.P.A. (‘GRE’), which is solely controlled by 
Assicurazioni Generali S.P.A (‘Generali’, both Italy) and Münchener 
Rückversicherungs -Gesellschaft Aktiengesellschaft (‘Munich Re’, Germany), will 
acquire within the meaning of Article 3(1) (b) and 3(4)  of the Merger Regulation joint 
control over the whole of the undertaking Saxon Land B.V. (the ‘JV’, the 
Netherlands)  by way of purchase of shares .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 438, 18.11.2022 , p. 14. 

2 2. The business activities of the undertakings concerned  are the following : 
 GRE is a real estate a sset manager, operating with an integrated business model 
providing the full scope of asset management including property management 
services  and is active in Europe . The ultimate parent company of GRE, Generali, 
Italy, is active in the insurance and finan cial sector  with worldwide activities , 
 Munich Re is an international insurance company , which  covers the entire value 
chain of reinsurance, primary insurance and insurance -ancillary risk solutions, 
and also offers asset management services. Munich Re is ac tive globally, with a 
focus on Europe and North America , 
 The JV is a real estate investment company, holding a single real estate property, 
a leasehold interest  in 120 Fenchurch Street, London, UK, where a 15 story 
building with approx. 40, 600 sqm of offic e and retail space is located . 
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) 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 noti fied 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 .