Prior notification of a concentration (Case M.11953 – PSPIB / CBRE / AGIV) – Candidate case for simplified procedure
Date: 2025-04-22
Institutions: Directorate-General for Competition, European Commission
Subjects: Australia, consultancy, economic concentration, industrial building, investment company, merger control, real estate business, service, wholesale trade








C_202502423EN.000101.fmx.xml












Official Journal of the European Union


EN
C series













C/2025/2423


22.4.2025






Prior notification of a concentration
(Case M.11953 – PSPIB / CBRE / AGIV)
Candidate case for simplified procedure
(Text with EEA relevance)
(C/2025/2423)


1.   
On 10 April 2025, 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:






—


Public Sector Pension Investment Board (‘PSPIB’, Canada),










—


CBRE Investment Management Indirect Limited (‘CBRE’, USA),










—


Aliro Group Industrial Vehicle (‘AGIV’, Australia), currently controlled by CBRE.




PSPIB and CBRE will acquire within the meaning of Articles 3(1)(b) and 3(4) of the Merger Regulation joint control of AGIV.
The concentration is accomplished by way of purchase of shares.


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






—


PSPIB manages a diversified global portfolio including stocks, bonds and other fixed-income securities as well as investments in private equity, real estate, infrastructure, natural resources and private debt,










—


CBRE is a commercial real estate services and investments firm, active globally across advisory services, global workplace solutions, real estate investments and corporate services.






3.   

The business activities of AGIV are the following: AGIV is a wholesale real estate investment fund established specifically for the holding of Australian industrial real estate assets for the infill industrial and logistics markets in Australia.



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 concentration 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.11953 – PSPIB / CBRE / AGIV
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/2025/2423/oj
ISSN 1977-091X (electronic edition)