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,  2.12.2021  
C(2021)  8900 final  
PUBLIC VERSION 
IFM Investors  Pty Ltd  
Level 29 Casselden  
2 Lonsdale Street  
VIC 3000 Melbourne  
Australia  
 
Global Infrastructure Management , 
LLC  
1345 Avenue of the Americas  
New York, NY 10105  
United States  
Subject : Case M. 10532 -  GIP / IFM / SYDNEY AIRPORT  
Commission decision p ursuant 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 9 November 2021, the European Commission received notification of a proposed 
conc entration pursuant to Article 4  of the Merger  Regulation by which IFM Investors 
Pty Ltd  (“IFM”, Australia ) and Global Infrastructure Management, LLC (“GIP”, 
Unites States), acquire  within the meaning of Article 3(1)(b) of the Merger Regulation 
joint control of the whole of  Sydn ey Airport Limited and Sydney Airport Trust 1 
(“Sydney Airport ”, Australia ) by way of publi c bid announced on 
13 September  2021.3 
2. The business activities of the undertakings concerned are:  
− for IFM: an investor -owned global investment manager that represents around  
30 million pension fund members and manage s assets across infrastructure, listed 
                                                 
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 b e 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 466, 18.11.2021,  p.18.  

2 equities, private capital and debt investments . It has offices in Australasia , the 
United States and Europe, 
− for GIP : an independent infrastructure investor focus ing on the transport, energy, 
waste and water sectors . GIP has investments in Europe, the Americas, Asia, the 
Middle East and Australasia , 
− for Sydney Airport : owns a domestic and international airport based in Sydn ey, 
Australia and is listed on the Australian Securities Exchange . It has three 
passenger terminals and seven cargo terminals , and is active in providing 
aeronaut ical, retail, property, and car rental services.  
3. After examination of the notification, the Eu ropean 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)  
Olivier GUERSENT  
Director -General  
                                                 
4  OJ C 366, 14.12.2013, p. 5.