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, 14.6.2019  
C(2019 ) 4516  final 
PUBLIC VERSION  
To the notifying parties  
Subject : Case M. 9365  – EPPL/APG/KRC/citizenM   
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 16 May 2019 , the European Commission received notification of a proposed 
concentration pursuant to Article 4 of the Merger  Regulation by which  (i) Euro Petunia 
Private Limited (‘EPPL’, Singapore), controlled by GIC (Realty) Private Limited (‘GIC 
Realty’, Singapore),  (ii) Stichting Depositary APG Strategic Real Estate Pool (‘APG’, the 
Netherlands), controlled by Stichting Pensioenfonds ABP (‘ABP’, the Netherlands ) and 
(iii) KRC Capital B.V. (‘KRC’, the Netherlands) acquire within the meaning of Article 
3(1)(b) and 3(4) of the Merger Regulation joint control of citizenM Holding B.V. 
(‘citizenM’, the Netherlands)3. The concentration is accomplished by way of purchase of 
shares  
2. The business activities of the undertakings concerned are:  
- for EPPL: an investment company belonging to GIC Reality, focusing on th e 
ownership of real estate assets on behalf of the Government of Singapore , 
- for APG: a depositary for an investment fund whose ultimate beneficial owner is ABP, 
a Dutch pension administration organisation that specialises in the field of collective 
pensions in the public sector , 
- for KRC: a managing company for investments  in leisure and hospitality , 
- for citizen M: active  in the development, acquisition and  operation of luxury hotels 
worldwide  
                                                 
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 
througho ut 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 179, 24.05.2019 , p. 18. 

2 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)  
Johannes LAITENBERGER  
Director -General  
 
                                                 
4  OJ C 366, 14.12.2013, p. 5 .