Prior notification of a concentration (Case M.12315 – KKR / PAG / SAPPORO REAL ESTATE) – Candidate case for simplified procedure
Date: 2026-02-19
Institutions: Directorate-General for Competition, European Commission
Subjects: Japan, economic concentration, hotel industry, housing, investment company, merger control, property market, real estate business, real property, trust company








C_202601129EN.000101.fmx.xml












Official Journal of the European Union


EN
C series













C/2026/1129


19.2.2026






Prior notification of a concentration
(Case M.12315 – KKR / PAG / SAPPORO REAL ESTATE)
Candidate case for simplified procedure
(Text with EEA relevance)
(C/2026/1129)


1.   
On 6 February 2026, 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:






—


KKR & Co. Inc. (‘KKR’, United States),










—


PAG Investment Management Limited (‘PAG’, Cayman Islands),










—


Sapporo Real Estate Co., Ltd. (‘Target’, Japan).




KKR and PAG will acquire, within the meaning of Article 3(1)(b) of the Merger Regulation, joint control of the Target.
The concentration is accomplished by way of purchase of shares.


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






—


KKR is a global investment firm that offers alternative asset management as well as capital markets and insurance solutions,










—


PAG is an Asia-focused alternative investor with key principal offices in Tokyo, Hong Kong and Singapore. While its primary focus is on the Asia-Pacific region, PAG’s portfolio companies generate revenue globally,










—


The Target is a real estate developer that owns, operates, and develops a diverse portfolio of commercial, office, hotel, and residential assets primarily located in Tokyo and Sapporo, Japan. The Target also holds, immediately prior to closing, 70 % of the trust beneficiary interests in YGP. YGP is a mixed-use real estate complex in Tokyo, built on the historic site of a brewery where the YEBISU Brand was born.






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 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.


4.   
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.12315 – KKR / PAG / SAPPORO REAL ESTATE
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/2026/1129/oj
ISSN 1977-091X (electronic edition)