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, 28.1.2019  
C(2019 ) 755 final  
 
 
 
 
 
 
To the notifying parties  
 
 
 
Subject : Case M .9232 – Ivanhoe  Cambridge /Macquarie/RHP Manager/RHP Platform  
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 21 December 2018 , the European Commission received notification of a proposed 
concentration pursuant to Article 4 of the Merger  Regulation by which the undertakings 
Ivanhoe Cambridge Inc. (‘Ivanhoe’, Canada), Macquarie  Real Estate Investments Holdings 
(North America), Inc ( ‘Macquarie RE INHA ’, United States of America), belonging to  
Macquarie Group Limited  (‘Macquarie ’, Australia) , and RHP Partners -Manager, LLC 
(‘RHP Manager’, United States of America),  acquire within the meaning of Article 3(1)(b) 
and 3(4) of the Merger Regulation joint control over RHP Partners, LLC and RHP AM, 
LLC (together, the ‘RHP Platform’, United States of America, currently controlled by 
Macquarie and RHP Manager) by way of purchase of shares .3 
2. The business activities of the underta kings concerned are:  
 for Ivanhoe:  a global real estate investor;  
 for Macquarie : a global provider of banking, financial, advisory, investment and funds 
management services, acting on behalf of institutional, corporate and retail clients and 
counterparties around the world ; 
                                                 
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 9, 10.01.2019 , p. 11. 
PUBLIC VERSION  
2  for RHP Manager : owns, manages and operates a portfolio of manufactured home 
communities in the United States ; 
 for RHP Platform : currently holds and manages a portfolio of nine real estate assets 
across the United States . 
3. After examinatio n 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 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)  
Johannes LAITENBERGER  
Director -General  
                                                 
4  OJ C 366, 14.12.2013, p. 5 .