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, 29.06.2022  
C(2022) 4678 final  
 
  PUBLIC VERSION 
Ivanhoe Cambridge Inc.  
1001, rue du Square -Victoria  
H2Z 2B5 – Montréal, Québec  
Canada   
 Eighty Eighth Investment Company 
LLC 
P.O. Box 45005 – Abu Dhabi  
Saudi Arabia  
Subject : Case M. 10720 – IVANHOE CAMBRIDGE / MUBADALA / DUTCH 
RESIDENTIAL INVESTMENTS IV  
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 3 June 2022, the European Commission received notification of a proposed 
concentration pursuant to Article  4 of the Merger  Regulation by which Ivanhoe 
Cambridge Inc. (‘Iva nhoe Cambridge’, Canada ), controlled by Caisse de dépôt et 
placement du Québec (  ‘CDPQ’ , Canada ) and Mubadala Investment Company PJSC 
(‘Mubadala’, United Arab Emirates ) will acquire within the meaning of Article 
3(1)(b) and 3(4) of the Merger Regulation joint control of Dutch Residential 
Investments IV B.V. (‘DRI IV’, the Netherlands ). The concentration is accomplished 
by way of contract or any other means .3 
2. The business activities of the undertakings concerned are  the following:  
− Ivanhoe Cambridge: a global real estate investor. Its parent company, CDPQ is a 
Canadian institutional fund manager  
                                                 
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 228, 13.6.2022, p.7.  

2 − Mubadala: an investment vehicle of the Government of Abu Dhabi, which 
manages a diverse portfolio of assets and investments in the United Arab 
Emirates and abroad. M ubadala is active in investing in a wide range of sectors, 
including energy, utilities, real estate, basic industries and services,  
− DRI IV: acquisition of residential units across the Netherlands with the intention 
of owning, developing, and/or selling suc h assets.  
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.