Prior notification of a concentration (Case M.7791 — Aviva/PSP/Property Portfolio JV) — Candidate case for simplified procedure (Text with EEA relevance)
Date: 2015-11-14
Institutions: European Commission
Subjects: economic concentration, investment company, merger control, property leasing, real estate business








C_2015380EN.01000801.xml










14.11.2015   


EN


Official Journal of the European Union


C 380/8





Prior notification of a concentration
(Case M.7791 — Aviva/PSP/Property Portfolio JV)
Candidate case for simplified procedure
(Text with EEA relevance)
(2015/C 380/07)






1.


On 6 November 2015 the Commission received a notification of a proposed concentration pursuant to Article 4 of Council Regulation (EC) No 139/2004 (1) by which Aviva Life & Pensions UK Limited (‘UKLAP’ of the UK), which is part of Aviva plc (‘Aviva’ of the UK), and Public Sector Pension Investment Board (‘PSP’ of Canada), acquire within the meaning of Article 3(1)(b) of the Merger Regulation joint control of a real estate property portfolio in the United Kingdom (the ‘Target Portfolio’) by way of purchase of shares in a newly created company constituting a joint venture.










2.


The business activities of the undertakings concerned are:
—   for Aviva: provision of a broad range of insurance, savings and investment products across 17 countries. Aviva’s group is principally active in the UK, France and Canada, however it also has operations elsewhere in Europe and Asia,
—   for PSP: investment of the employer and employee net contributions received and management of a diversified global portfolio including stocks, bonds and other fixed-income securities as well as investments in private equity, real estate, infrastructure and natural resources,
—   for the Target Portfolio: property interests, including freehold, leasehold and other interests, in 14 properties in central London. The property interests comprising the Target Portfolio largely relate to commercial office space, but also include retail premises and small residential units in two of the properties.










3.


On preliminary examination, the Commission finds that the notified transaction could fall within the scope of the Merger Regulation. However, the final decision on this point is reserved. Pursuant to the Commission Notice on a simplified procedure for treatment of certain concentrations under the Council Regulation (EC) No 139/2004 (2) it should be noted that this case is a candidate for treatment under the procedure set out in this Notice.










4.


The Commission invites interested third parties to submit their possible observations on the proposed operation to the Commission.
Observations must reach the Commission not later than 10 days following the date of this publication. Observations can be sent to the Commission by fax (+32 22964301), by email to COMP-MERGER-REGISTRY@ec.europa.eu or by post, under reference number M.7791 — Aviva/PSP/Property Portfolio JV, to the following address:





European Commission




Directorate-General for Competition




Merger Registry




1049 Bruxelles/Brussel




BELGIQUE/BELGIË










(1)  OJ L 24, 29.1.2004, p. 1 (the ‘Merger Regulation’).

(2)  OJ C 366, 14.12.2013, p. 5.