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 -MERG ER-REGISTRY@ec.europa.eu . 
  EUROPEAN COMMISSION  
Brussels,  24.7.2019  
C(2019 ) 5648 final  
PUBLIC VERSION  
To the notifying parties  
Subject : Case M. 9419 - PSP / WELLTOWER / SRG / SENIOR HOUSING 
PROPERTY  
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 1 July 2019 , the European Commission received notification of a proposed 
concentration pursuant to Article 4 of the Merger  Regulation by which  Public Sector 
Pension Investment Board (‘PSP’, Canada), Welltower Inc. (‘Welltower’, USA) and 
SRG Partners, LLC (‘SRG’, USA) acquire within the meaning of Article 3(1)(b) of 
the Merger Regulation joint control of the whole of  a senior housing property known 
as ‘Peninsul a Del Rey’ (‘Peninsula Del Rey’, USA) .3 
The concentration is accomplished by way of purchase of assets . 
2. The business activities of the undertakings concerned are:  
- for PSP : the pension investment manager of several Canadian pension plans, 
including the pens ion plan of the Canadian Federal Public Service and the 
Canadian Forces. PSP manages a diversified global fixed -securities portfolio as 
well as investments in private equity, real estate, infrastructure, natural resources 
and private debt,  
- for Welltower : invests in properties concentrated in major high -growth markets, 
consisting of seniors' housing and post -acute communities, and outpatient medical 
properties in the USA, Canada and the UK,  
- for SRG : owns, manages and develops senior housing communities in t he USA,  
                                                 
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 231, 09.07.2019 , p. 5. 

2 - for Peninsula Del Rey : a senior housing property located at 165 Pierce Street in 
Daly City, San Mateo County, California, USA . 
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 applicat ion 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 .