CELEX: 32018M9077
Language: en
Date: 2018-11-19 00:00:00
Title: Commission Decision of 19/11/2018 declaring a concentration to be compatible with the common market (Case No COMP/M.9077 - Public Sector Pension Investment Board / Brookfield Asset Management Inc. / QuadReal Property Group Limited Partnership / Brookfield Brazil Retail Fund / BREP Brazil Private Limited) according to Council Regulation (EC) No 139/2004 (Only the English text is authentic)

EUROPEAN COMMISSION
                                                                Brussels,19.11.2018
                                                                C(2018) 7789 final
                                                                       PUBLIC VERSION
                                                                To the notifying parties:
Subject:        Case M.9077 - PSPIB / BROOKFIELD / QUADREAL / BREP BRAZIL /
                BROOKFIELD BRAZIL RETAIL
                Commission decision pursuant to Article 6(1)(b) of Council Regulation (EC)
                                1                                                                             2
                No 139/2004 and Article 57 of the Agreement on the European Economic Area
Dear Sir or Madam,
1.      On 23 October 2018, the European Commission received notification of a proposed
        concentration pursuant to Article 4 of the Merger Regulation by which the undertakings
        Public Sector Pension Investment Board (‘PSPIB’, Canada), Brookfield Asset
        Management Inc. (‘Brookfield’, Canada), QuadReal Property Group Limited Partnership
        (‘QuadReal’, Canada), controlled by British Columbia Investment Management
        Corporation (“BCI”, Canada), and BREP Brazil Private Limited (‘BREP’, Singapore),
        controlled by GIC Realty Private Limited (‘GIC Realty’, Singapore), acquire within the
        meaning of Article 3(1)(b) and 3(4) of the Merger Regulation joint control over the whole
        of the undertaking Brookfield Brazil Retail Fundo de Investimentos em Participações
        Multiestratégia (‘Brookfield Brazil Retail Fund’, Brazil) by way of contract.3
2.      The business activities of the undertakings concerned are:
             for PSPIB: pension investment manager with 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,
             for Brookfield: investment in real estate, infrastructure, renewable power and private
              equity,
             for QuadReal: real estate asset management and related services to the British
              Columbia Investment Management Corporation,
1       OJ L 24, 29.1.2004, p. 1 (the 'Merger Regulation'). With effect from 1 December 2009, the Treaty on the
        Functioning of the European Union ('TFEU') has introduced certain changes, such as the replacement of
        'Community' by 'Union' and 'common market' by 'internal market'. The terminology of the TFEU will be used
        throughout this decision.
2       OJ L 1, 3.1.1994, p. 3 (the 'EEA Agreement').
3       Publication in the Official Journal of the European Union No C 395, 31.10.2018, p. 19.
Commission européenne, DG COMP MERGER REGISTRY, 1049 Bruxelles, BELGIQUE
Europese Commissie, DG COMP MERGER REGISTRY, 1049 Brussel, BELGIË
Tel: +32 229-91111. Fax: +32 229-64301. E-mail: COMP-MERGER-REGISTRY@ec.europa.eu.
 ---pagebreak---        for BREP: ownership of real estate assets held by GIC Realty on behalf of the
        government of Singapore,
       for Brookfield Brazil Retail Fund: indirectly owns and operates shopping centres in
        Brazil.
3. After examination of the notification, the European Commission has concluded that the
   notified operation falls within the scope of the Merger Regulation and of paragraph 5(a) of
   the Commission Notice on a simplified procedure for treatment of certain concentrations
   under Council Regulation (EC) No 139/2004.4
4. For the reasons set out in the Notice on a simplified procedure, the European Commission
   has decided not to oppose the notified operation and to declare it compatible with the
   internal market and with the EEA Agreement. This decision is adopted in application of
   Article 6(1)(b) of the Merger Regulation and Article 57 of the EEA Agreement.
                                                    For the Commission
                                                    (Signed)
                                                    Johannes LAITENBERGER
                                                    Director-General
4  OJ C 366, 14.12.2013, p. 5.
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