CELEX: 32020M9724
Language: en
Date: 2020-03-12 00:00:00
Title: Commission Decision of 12/03/2020 declaring a concentration to be compatible with the common market (Case No COMP/M.9724 - GENERALI / UIR / ZARAGOZA) according to Council Regulation (EC) No 139/2004 (Only the English text is authentic)

EUROPEAN COMMISSION
                                                                Brussels, 12.3.2020
                                                                C(2020) 1695 final
                                                                                 PUBLIC VERSION
                                                                To the notifying parties
Subject:        Case M.9724 – GENERALI / UIR / ZARAGOZA
                Commission decision pursuant to Article 6(1)(b) of Council Regulation
                                       1
                (EC) No 139/2004 and Article 57 of the Agreement on the European
                                    2
                Economic Area
Dear Sir or Madam,
1.      On 18 February 2020, the European Commission received notification of a proposed
        concentration pursuant to Article 4 of the Merger Regulation by which Generali
        Shopping Centre Fund S.C.S. SICAV-SIF (‘GSCF’, Luxembourg), belonging to the
        group Assicurazioni Generali S.p.A. (‘Generali’, Italy) and Union Investment Real
        Estate GmbH (‘UIR’, Germany), belonging to the group of DZ Bank AG (‘DZ Bank’,
        Germany), acquire within the meaning of Article 3(1)(b) of the Merger Regulation
        joint control over the whole of the undertaking Zaragoza Properties SOCIMI, S.A.
        (‘Zaragoza’, Spain) by way of purchase of shares.3
2.      The business activities of the undertakings concerned are:
             for GSCF: an investment fund established in 2019, with a specific focus on
              investing in, and managing of shopping centres in the continental European retail
              sector. It belongs to Generali, an international group of companies active in the
              insurance and financial sector,
             for UIR: a real estate investment firm, specialized in real estate funds for private
              and institutional investors in Europe, the Americas, Asia and Australia. UIR is a
              subsidiary of Union Asset Management Holding AG (Germany), which is the
              investment arm and a subsidiary of DZ Bank,
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 63, 26.02.2020, p. 3.
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 Zaragoza: real estate activities, in particular, ownership, management and
        rental of the Puerto Venecia shopping centre and retail park located in Zaragoza,
        Aragon, Spain.
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(c) 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)
                                                  Olivier GUERSENT
                                                  Director-General
4  OJ C 366, 14.12.2013, p. 5.
                                               2