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, 28.7.2020  
C(2020)  5290 final  
PUBLIC VERSION 
To the notifying parties  
Subject : Case M.9888 – SEGRO / PSPIB / SELP / TARGET PORTFOLIO  
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 2 July 2020, 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 
indirect joint control of the Target Portfolio  (Spain)  through SEGRO European 
Logistics Partnership S.a.r.l (‘SELP ’, Luxembourg)  by way of purchase of assests .3 
2. The business activities of the undertakings concerned are:  
− for SEGRO : ownership, asset management and development of modern 
warehousing and light industrial properties located around major conurbations 
and at key transportation hubs across a number of EU countries.  
− for PSPIB : investment of net contributions to the pension funds of the federal 
Public Service, the Canadian Forces, the Royal Canadian Mounted Police and the 
Reserve Force. It manages a diversified g lobal portfolio including stocks, bonds 
and other fixed- income securities, and investments in private equity, real estate, 
infrastructure, natural resources and private debt.  
− The Target Portfolio comprises 8 properties in Spain, situated at: (i) Terrassa, 
Barcelona; (ii) Palaus, Barcelona; (iii) Viladecans, Barcelona; (iv) Villaverde, 
Madrid; (v) Paracuellos, Madrid; (vi) San Fernando, Madrid; (vii) Cerdanyola, 
Barcelona; and ( viii) Polinya, Barcelona. The properties situated in San Fernando, 
                                                 
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 226, 9.7.2020, p. 14. 

2 Cerdanyola and Polinya are commercial retail properties, while the remaining 
properties are undeveloped land.  
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.