Prior notification of a concentration (Case M.10300 — TIAA/AP1/AP2/GPIF/Courbevoie) Candidate case for simplified procedure (Text with EEA relevance) 2021/C 256/08
Date: 2021-06-30
Institutions: Directorate-General for Competition, European Commission
Subjects: France, Ile-de-France, Japan, Sweden, economic concentration, financial services, investment company, merger control, pension scheme, real property








C_2021256EN.01001201.xml










30.6.2021   


EN


Official Journal of the European Union


C 256/12






Prior notification of a concentration
(Case M.10300 — TIAA/AP1/AP2/GPIF/Courbevoie)
Candidate case for simplified procedure
(Text with EEA relevance)
(2021/C 256/08)

1.   
On 22 June 2021, the Commission received notification of a proposed concentration pursuant to Article 4 of Council Regulation (EC) No 139/2004 (1).
This notification concerns the following undertakings:






—


Teachers Insurance and Annuity Association of America (‘TIAA’, US),










—


Första AP-fonden (‘AP1’, Sweden),










—


Andra AP-fonden (‘AP2’, Sweden),










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Government Pension Investment Fund (‘GPIF’, Japan),










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Real estate asset located in Courbevoie (‘Courbevoie’, France), currently owned by Rivoli Avenir Patrimoine, SCPI (France) and Edissimmo, SCPI (France), which are both managed by Amundi Immobilier, SA (France).




TIAA, AP1, AP2 and GPIF acquire within the meaning of Article 3(1)(b) of the Merger Regulation joint control of Courbevoie.
The concentration is accomplished by way of purchase of assets.


2.   
The business activities of the undertakings concerned are:






—


for TIAA: financial services organisation that primarily provides investment products in the academic, research, medical and cultural fields in the US,










—


for AP1 and AP2: government agencies that manage buffer capital in the Swedish national income pension system. AP1’s global portfolio consists of equities and fixed-income securities along with real estate, infrastructure, private equity funds and hedge funds. AP1 is active in Sweden, France, Germany, and The Netherlands as well as in the US and Asia. AP2’s global portfolio consists, among others, in equities, fixed-income securities, alternative investments such as real estate, derivatives and currencies. AP2 is active in Sweden, Poland, Luxemburg as well as in the US, Brazil and Asia. AP1 and AP2 are entirely independent of each other,










—


for GPIF: incorporated administrative agency, established by the government of Japan to manage and invest the pension reserve funds of the government pension plans. Its global investment portfolio includes interests in Japanese domestic and international equities and bonds, infrastructure (including renewable energy, airports and port assets), real estate assets and private equity funds,










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for Courbevoie: real estate asset (dedicate to office use), located at 1, place Jean Millier, 92400 Courbevoie (Hauts-de-Seine), France.






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 the 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. The following reference should always be specified:
M.10300 — TIAA/AP1/AP2/GPIF/Courbevoie
Observations can be sent to the Commission by email, by fax, or by post. Please use the contact details below:
Email: COMP-MERGER-REGISTRY@ec.europa.eu
Fax +32 22964301
Postal 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.