Prior notification of a concentration (Case M.10929 – GENERALI REAL ESTATE / MUNICH RE / SAXON LAND) Candidate case for simplified procedure (Text with EEA relevance) 2022/C 438/09
Date: 2022-11-18
Institutions: Directorate-General for Competition, European Commission
Subjects: economic concentration, financial services, insurance, investment company, merger control, real estate business








C_2022438EN.01001401.xml










18.11.2022   


EN


Official Journal of the European Union


C 438/14






Prior notification of a concentration
(Case M.10929 – GENERALI REAL ESTATE / MUNICH RE / SAXON LAND)
Candidate case for simplified procedure
(Text with EEA relevance)
(2022/C 438/09)

1.   
On 10 November 2022, 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:






—


Generali Real Estate S.P.A. (‘GRE’), which is solely controlled by Assicurazioni Generali S.P.A (‘Generali’, both Italy),










—


Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft (‘Munich Re’, Germany),










—


Saxon Land B.V. (the ‘JV’, the Netherlands).




GRE and Munich Re will acquire within the meaning of Article 3(1)(b) and 3(4) of the Merger Regulation joint control of the JV.
The concentration is accomplished by way of purchase of shares.


2.   
The business activities of the undertakings concerned are the following:






—


GRE is a real estate asset manager, operating with an integrated business model providing the full scope of asset management including property management services and is mainly active in Europe. The ultimate parent company of GRE, Assicurazioni Generali S.P.A., Italy, is active in the insurance and financial sector with worldwide activities,










—


Munich Re is an international insurance company, which covers the entire value chain of reinsurance, primary insurance and insurance-ancillary risk solutions, and also offers asset management services. Munich Re is active globally, with a focus on Europe and North America,










—


The JV is a real estate investment company, holding a single real estate property, a leasehold interest in 120 Fenchurch Street, London, UK, where a 15-story building with approx. 40 600 sqm of office and retail space is located.






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 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.10929 – GENERALI REAL ESTATE / MUNICH RE / SAXON LAND
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.