Prior notification of a concentration (Case M.12411 – CBRE NAPIER / DALMORE / ALLIANZ CAPITAL PARTNERS / AIMCO / PORTERBROOK HOLDINGS) – Candidate case for simplified procedure
Date: 2026-05-06
Institutions: Directorate-General for Competition, European Commission
Subjects: United Kingdom, economic concentration, hire purchase, insurance, investment company, maintenance, merger control, ownership, vehicle on rails








C_202602611EN.000101.fmx.xml












Official Journal of the European Union


EN
C series













C/2026/2611


6.5.2026






Prior notification of a concentration
(Case M.12411 – CBRE NAPIER / DALMORE / ALLIANZ CAPITAL PARTNERS / AIMCO / PORTERBROOK HOLDINGS)
Candidate case for simplified procedure
(Text with EEA relevance)
(C/2026/2611)


1.   
On 24 April 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:






—


CBRE Caledon Napier Investments L.P. (‘CBRE Napier’, Canada), controlled by CBRE Group, Inc. (United States),










—


Dalmore Capital Limited (‘Dalmore’, United Kingdom), controlled by Royal London (United Kingdom),










—


Allianz Capital Partners (‘Allianz’, Germany), ultimately controlled by Allianz SE. (Germany),










—


Alberta Investment Management Corporation (‘AIMCo’, Canada),










—


Porterbrook Holdings I Limited (‘Porterbrook’, United Kingdom).




CBRE Napier, Dalmore, Allianz and AIMCo will acquire within the meaning of Article 3(1)(b) and 3(4) of the Merger Regulation joint control of Porterbrook.
The concentration is accomplished by way of purchase of shares.


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






—


CBRE Napier is an infrastructure investment fund active across Europe and North America. CBRE Group, Inc. is a global real estate services and investment firm,










—


Dalmore is a global fund manager focused on assets in the United Kingdom. Royal London is a mutual life, pensions and investment company in the United Kingdom and Ireland,










—


Allianz is an asset manager for alternative equity investments. Allianz SE. is a global insurer and asset manager, active across approximately 70 countries,










—


AIMCo is an institutional fund manager.






3.   

The business activities of the undertaking Porterbrook are the following: ownership, leasing and maintenance of railway rolling stock for train operating companies throughout Great Britain.



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.12411 – CBRE NAPIER / DALMORE / ALLIANZ CAPITAL PARTNERS / AIMCO / PORTERBROOK HOLDINGS
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/2026/2611/oj
ISSN 1977-091X (electronic edition)