Prior notification of a concentration (Case M.11349 – MACQUARIE / UBS / RHP / JV) – Candidate case for simplified procedure
Date: 2023-11-27
Institutions: Directorate-General for Competition, European Commission
Subjects: banking, economic concentration, financial services, investment company, merger control, real estate business








C_202301221EN.000101.fmx.xml












Official Journal of the European Union


EN
Series C













C/2023/1221


27.11.2023






Prior notification of a concentration
(Case M.11349 – MACQUARIE / UBS / RHP / JV)
Candidate case for simplified procedure
(Text with EEA relevance)
(C/2023/1221)


1.   
On 13 November 2023, 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:






—


Macquarie Real Estate Investments Holdings, Inc. (‘Macquarie’, United States) controlled by Macquarie Group Limited,










—


UBS Group AG (‘UBS’, Switzerland),










—


RHP Partners-Manager GP, LLC (‘RHP’, United States),










—


RHP Partners IV, LP (the ‘Joint Venture’, United States).




Macquarie, RHP and UBS will acquire within the meaning of Articles 3(1)(b) and 3(4) of the Merger Regulation joint control over the Joint Venture.
The concentration is accomplished by way of contract.


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






—


Macquarie is active in real estate investment in North America,










—


UBS is a multinational investment bank and financial services company founded and based in Switzerland, and active globally. UBS’ businesses comprise wealth management, asset management, investment banking services, and retail and corporate banking,










—


RHP and its affiliates own and/or operate manufactured home communities in the United States.






3.   

The newly created Joint Venture will invest in real estate assets, own and operate manufactured home communities, and lease and sell manufactured homes in such communities in the United States.



4.   
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 treatment for certain concentrations under Council Regulation (EC) No 139/2004 on the control of concentrations between undertakings (2) it should be noted that this case is a candidate for treatment under the procedure set out in the Notice.


5.   
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.11349 – MACQUARIE / UBS / RHP / JV
Observations can be sent to the Commission by email or by post. Please use the contact details below:
Email: COMP-MERGER-REGISTRY@ec.europa.eu
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 160, 5.5.2023, p. 1.


ELI: http://data.europa.eu/eli/C/2023/1221/oj
ISSN 1977-091X (electronic edition)