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, 19.11.2018  
C(2018 ) 7789 final  
 
To the notifying parties : 
Subject : Case M.9077 - PSPIB / BROOKFIELD / QUADREAL / BREP BRAZIL / 
BROOKFIELD BRAZIL RETAIL  
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 23 October  2018 , the European Commission received notification of a proposed 
concentration pursuant to Article 4 of the Merger  Regulation by which the undertakings 
Public Sector Pension Investment Board (‘PSPIB’, Canada), Brookfield Asset 
Management Inc . (‘Brookfield’, Canada), QuadReal Property Group Limited Partnership 
(‘QuadReal’, Canada), controlled by British Columbia Invest ment Management 
Corporation (“BCI”, Canada), and BREP Brazil Private Limited (‘BREP’, Singapore), 
controlled by GIC Realty Private Limited (‘GIC Realty’, Singapore), acquire within the 
meaning of Article 3(1)(b) and 3(4) of the Merger Regulation joint cont rol over the whole 
of the undertaking Brookfield Brazil Retail Fundo de Investimentos em Participações 
Multiestratégia (‘Brookfield Brazil Retail Fund’, Brazil) by way of contract .3 
2. The business activities of the undertakings concerned are:  
 for PSPIB: pension investment manager with a diversified global portfolio including 
stocks, bonds and other fixed -income securities as well as investments in private 
equity, real estate, infrastructure, natural resources and private debt,  
 for Brookfield: investment i n real estate, infrastructure, renewable power and private 
equity,  
 for QuadReal: real estate asset management and related services to the British 
Columbia Investment Management Corporation,  
                                                 
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 395, 31.10.2018 , p. 19. 
PUBLIC VERSION  
2  for BREP: ownership of real estate assets held by GIC Realty on be half of the 
government of Singapore,  
 for Brookfield Brazil Retail Fund: indirectly owns and operates shopping centres in 
Brazil.  
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) 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 .